Cornerstone Therapeutics Inc. will pursue an interlocutory appeal to the Delaware Supreme Court asking it to review the state Court of Chancery’s decision to apply the entire fairness review standard to the board’s role in agreeing to accept Chiesi Farmaceutici SpA’s $255 million buyout. If the Supreme Court agrees to hear the appeal, it will temporarily halt a shareholder lawsuit alleging Cornerstone’s board breached its fiduciary duties when it approved the buyout.
Chancery Court Vice Chancellor Sam Glasscock III granted the interlocutory appeal Friday in In re Cornerstone Therapeutics Stockholder Litigation.
