Cornerstone BioPharma, a Cary, N.C., specialty pharmaceutical company focused on treatments for respiratory diseases, is planning an acquisition merger with Boston's Critical Therapeutics. The deal valued at more than $63 million will create a new publicly traded company, Cornerstone Therapeutics, with headquarters in Cary.
Critical Therapeutics' main product ZYFLO CR(TM), extended-release tablets for the treatment of chronic asthma, will be added to Cornerstone's current suite of respiratory drugs, including:
- Spectracef(R), an asthma drug that treats pathogens commonly associated with respiratory diseases and
- AlleRx(R) Dose Pack family of products used for the temporary relief of symptoms associated with allergic rhinitis.
The stock-for-stock transaction between Cornerstone BioPharma and Critical Therapeutics is targeted to close in the fourth quarter of 2008.
Craig Collard, president and chief executive officer of Cornerstone BioPharma, will be president and chief executive officer of the combined company.