Cornerstone Completes Transaction With Chiesi

Cornerstone has closed the strategic transaction with Chiesi. As a result of this transaction, the company has received an exclusive 10-year license for the US commercial rights to Chiesi’s Curosurf and $15.5 million in cash. Curosurf is intended for the treatment for Respiratory Distress Syndrome in premature infants.

Reportedly, the company has also received first right of offer on all new products and technology.

Chiesi became the controlling stockholder of Cornerstone as a result of the company’s issuance of approximately 12.2 million new shares, in connection with the consummation of the transaction and Chiesi’s related purchase of shares from some of the company’s executives.