Cornerstone Therapeutics buys CardioKine for lixivaptan
Executive Summary
Cornerstone Therapeutics Inc. (a specialty drug division of Chiesi Farmaceutici SPA) has acquired privately held cardiovascular therapeutics company CardioKine Inc. Under obligations of a 2004 alliance through which Cardiokine gained access to lixivaptan, Cornerstone will first pay Wyeth (now part of Pfizer Inc.) $20mm, then CardioKine’s shareholders. In addition to assuming up to $2mm of debt, Cornerstone will provide $1mm at closing, an undisclosed amount of cash on hand (less $2.7mm, which will be escrowed), and earn-outs of up to $156mm ($8.5mm upon approval of a pending NDA for lixivaptan that was filed at the end of December 2011 and another $147.5mm based on sales goals), plus either 8 or 12% of the net sales of the resulting product.
Deal Industry
- Biotechnology
- Pharmaceuticals
Deal Status
- Final
Deal Type
-
Acquisition
- Full Acquisition
- Includes Contract
- Includes Earnout
- Payment Includes Cash
Questions?
Please contact Sales at: (212) 520-2765 or email [email protected]
Related Companies
You must sign in to use this functionality
Authentication.SignIn.HeadSignInHeader
Email Deal
All set! This article has been sent to my@email.address.
All fields are required. For multiple recipients, separate email addresses with a semicolon.
DCD.EmailPopout.Notice