On May 1, privately-held Cornerstone BioPharma Holdings Inc. said it would
merge with Critical Therapeutics Inc. for more than $63 million, creating a new publicly traded company, Cornerstone Therapeutics. The lead banker for Cornerstone was David Price of investment bank Jefferies & Co. He's also leader of the pharmaceutical services division for Jefferies. Price took the job there in April 2006 after a combined 18 years working at Bear, Stearns & Co. and PricewaterhouseCoopers. Now
Price is taking the CFO job at Cornerstone, where he will also be executive vice president of finance.
As we've reported in our i-banking to corp dev series: Making the
transition from investment banking to corporate development is not easy -- but it's much smoother when the banker has expertise in the industry in question. It should be pretty easy for Price then. He says, "The upcoming merger with Critical Therapeutics adds a further exciting element to Cornerstone's opportunities, and I am looking forward to working with my new colleagues to take the combined company to the next level."
Price is due to start on Sept. 8 at Cornerstone. The Cary, N.C. firm describes itself as a specialty pharmaceutical company focused on acquiring, developing and commercializing prescription products for the respiratory market. -
Baz HiralalBanker David Price leaves Jefferies & Co. for pharma companyAnother i-banker makes the switch to corporate development
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