Cornerstone Therapeutics Signs Asset Purchase Agreement With Oscient

Cornerstone Therapeutics has signed an asset purchase agreement with Oscient to acquire the commercial rights to the antibiotic – Factive (gemifloxacin mesylate), in North America and certain countries in Europe.

The completion of the acquisition is subject to customary closing conditions, approval of the US Bankruptcy Court for the District of Massachusetts, and the conduct of a Bankruptcy Court supervised auction process (in which Oscient will seek competing bids to achieve the highest price possible for the FACTIVE assets).

Pursuant to the agreement, it is anticipated that the auction process will be completed and the Bankruptcy Court will render its decision within the next 60 days.

Craig Collard, President and CEO of Cornerstone, said: This transaction is reflective of our strategy to acquire, develop and commercialize prescription products for the respiratory market.

Factive is a high-quality, patent-protected product with strong brand recognition. We believe that this product fits well within our existing portfolio and that our respiratory-focused sales force will be able to drive prescription growth of Factive in the US market. Moreover, we remain positioned to evaluate additional drugs to add to our growing portfolio of products, he added.