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.