McDermott Represents Houlihan Lokey as Financial Advisor to Cornerstone Therapeutics Inc. in Strategic Transaction
NEW YORK (May 13, 2009) — McDermott Will & Emery LLP represented Houlihan Lokey Howard & Zukin Financial Advisors, Inc. which is acting as financial advisor to Cornerstone Therapeutics Inc. in a strategic transaction with Chiesi Farmaceutici SpA valued at approximately $70 million, based on the 10-day average closing share price of Cornerstone. Houlihan Lokey is regularly engaged to render financial opinions in connection with mergers, acquisitions, divestitures, leveraged buyouts, recapitalizations, and for other purposes.
Cornerstone Therapeutics, Inc. is a specialty pharmaceutical company focused on acquiring, developing, and commercializing prescription medications primarily for respiratory indications. Chiesi Farmaceutici SpA is a leading European pharmaceutical company headquartered in Parma, Italy.
Under the terms of the agreement, Cornerstone issued 11.9 million shares of common stock and received an exclusive 10-year license with renewable rights for the U.S. commercial rights to Chiesi's Curosurf ® product, the world leading treatment approved by the U.S. Food and Drug Administration (FDA) for Respiratory Distress Syndrome (RDS) in premature infants, and $15.5 million in cash. Cornerstone also received first right of offer on all new products and technology Chiesi intends to market in the U.S.
Jeff Rothschild, a corporate partner in McDermott's New York office, handled the representation of Houlihan Lokey in this transaction.
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,100 lawyers, we have offices in Boston, Brussels, Chicago, Dusseldorf, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Rome, San Diego, Silicon Valley and Washington, D.C. Extending our reach to Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.
