Cornerstone Therapeutics (Nasdaq: CRTX) secured a $30 million loan in late June and used those funds in making an acquisition.
“The Company entered into a term loan facility with Chiesi Farmaceutici S.p.A., including a 5-year term loan of $30 million convertible into common stock at Chiesi’s option,” Cornerstone said in a filing with the SEC on July 3. “Proceeds from the loan were used in the acquisition of EKR Therapeutics.”
Cornerstone made the deal on June 21.
The $150 million acquisition of EKR was announced in May.
The FDA recently approved a generic version of an antihistamine drug developed by Cornerstone.
Cornerstone announced the decision Monday and said production of the drug will being “immediately.”
The generic is a version of Tussionex Pennkinetic and is designed to relieve cough and upper respiratory symptoms linked to allergy or colds in adults as well as children age 6 and older.