EKR and Cornerstone enter definitive merger agreement
EKR is to be acquired by Cornerstone.
EKR Therapeutics and Cornerstone Therapeutics have revealed they have entered a definitive merger agreement.
This will involve the acquisition of EKR by Cornerstone, expanding the firm's commercial infrastructure and product offerings within the hospital sector.
If business negotiation strategies are successful, the deal should close towards the end of June.
Customary closing conditions will have to be met before the transaction can be concluded, including EKR stockholders adopting the merger agreement.
John Bailye, EKR chief executive officer, said he is "very proud" of the operations his employees have performed.
He claimed to be pleased that the value of his business has been recognised by Cornerstone and looks forward to its success.
"This transaction brings Cornerstone critical mass in the hospital-based therapeutics area and represents a major step forward in our strategy to focus on the hospital channel," chief executive officer of Cornerstone Craig Collard declared.
Previously, Cornerstone purchased speciality pharmaceutical firm Cardiokine, with the merger effective as of December 30th 2011.
Posted by Ron Maverick
Source: Cornerstone press release, May 14th