CARY, NC--(Marketwire -03/07/12)- Cornerstone Therapeutics Inc. (NASDAQ: CRTX - News) today announced the divestiture of certain product rights to Factive® (gemifloxacin mesylate) tablets and the Spectracef® (cefditoren pivoxil) family of products in a series of transactions with Merus Labs International Inc. (TSX: MSL.TO - News) (NASDAQ: MSLI - News) and Vansen Pharma Inc.
Under terms of the agreements, Cornerstone will receive an undisclosed amount of cash consideration for the product rights and inventory transferred and the acquirers will assume certain product related liabilities.
"We are excited to announce the next significant step in the execution of our strategic plan," said Craig A. Collard, Cornerstone's Chief Executive Officer. "We began a migration out of the primary care market segment in 2011 and with today's transactions, we have completed this process. Going forward, with our existing product portfolio, FDA product filings and development projects, we are well positioned to grow our company within the hospital and related specialty markets."
About Cornerstone Therapeutics
Cornerstone Therapeutics Inc. (NASDAQ: CRTX - News), headquartered in Cary, N.C., is a specialty pharmaceutical company focused on commercializing products for the hospital, niche respiratory and related specialty markets. Key elements of the Company's strategy are to focus its commercial and internal development efforts in the hospital and related specialty product sector within the U.S. pharmaceutical marketplace; continue to seek out opportunities to acquire companies and marketed and/or registration-stage products that fit within the Company's focus areas; and generate revenues by marketing approved generic products through the Company's wholly-owned subsidiary, Aristos Pharmaceuticals, Inc.
About Merus Labs International Inc.
Merus is a specialty pharmaceutical company engaged in the acquisition and licensing of pharmaceutical products. The Company utilizes its expertise in the North American pharmaceutical markets and its access to capital to acquire and license niche branded products in Canada and United States. Merus further enhances the sale and distribution of these products by introduction of a focused marketing and promotion plan.
About Vansen Pharma
Vansen Pharma is a sales and marketing organization focused on specialty pharmaceutical products. Vansen Pharma focuses on broad therapeutic areas which are still anticipated to grow and represent an opportunity for major expansion. With its focused sales force, Vansen Pharma can better serve the increasing healthcare needs of patients and enhance growth.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein, other than statements of historical fact, including statements regarding the progress and timing of our product development programs and related trials, our strategy and our future operations and opportunities, constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the results of preclinical studies and clinical trials with respect to our products under development, our ability to satisfy FDA and other regulatory requirements, our ability to enter into strategic licensing, product acquisition, collaboration or co-promotion transactions on favorable terms, if at all, and the other factors described in Item 1A (Risk Factors) of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) on March 6, 2012. In addition, the statements in this press release reflect our expectations and beliefs as of the date of this release, and these statements should not be relied upon as representing our views as of any other date and do not reflect the potential impact of any acquisitions, mergers, dispositions, business development transactions, joint ventures or investments that we may make or enter into in the future. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. However, while we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law.
Factive® is a registered trademark of LG Life Sciences, Ltd.
Spectracef® is a registered trademark of Meiji Seika Kaisha, Ltd.