Chiesi/Cornerstone: Trading Ownership for Pipeline

The Italian pharma Chiesi Farmaceutici is buying a majority stake in respiratory specialist Cornerstone Therapeutics in a creative deal that echoes the strategic tie-up last year between Infinity Pharmaceuticals and the Purdue Pharma/Mundipharma family of companies. The deal is yet another twist on the kind of big brother-little brother relationship model first espoused by Roche and Genentech though it is the little brother who gains access to pipeline projects in this new scenario.

In a creative deal that echoes the strategic tie-up last year between Infinity Pharmaceuticals Inc. and the Purdue Pharma LP / Mundipharma International Corp. Ltd. family of companies [See Deal], the Italian pharma Chiesi Farmaceutici SPA is buying a majority stake in respiratory specialist Cornerstone Therapeutics Inc., which gets $15.5 million, US rights for 10 years to Chiesi's marketed lung surfactant, as well as US rights on other FDA-approved Chiesi compounds. [See Deal]

The deal is yet another twist on the kind of big brother-little brother relationship model first espoused by Roche and...

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