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Chiesi/Cornerstone: Trading Ownership for Pipeline

Executive Summary

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.

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