Chiesi Farmaceutici SpA, a European pharmaceutical company, had launched an agreement on Monday to acquire the rest of Cornerstone Therapeutics Inc's outstanding common shares. The agreement would have Chiesi Farmaceutici pay USD9.5 per common share in cash. Chiesi Farmaceutici owned a 58% stake in Conerstone.

The agreement has been unanimously approved by both directors of the companies and Cornerstone's special committee in the board of directors. The definitive agreement was expected to be finalized by early next year.

The proposed acquisition was part of Chiesi Farmaceutici's strategy to expand its presence globally, especially in the US market. Furthermore, the acquisition would aid Chiesi Farmaceutici's new special care and respiratory disorders projects and provide a sales channel through Cornerstone.

Cornerstone is a company whose focus in product commercialization to specialty markets in the United States. The company would continue to look out for opportunities acquiring companies that have potential to commercialize their approved generic products.