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IDT takes strategic stake in biotech Cornerstone

Published 11/10/2016, 03:51 PM
IDT takes strategic stake in biotech Cornerstone
IDT
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  • IDT (IDT +0.2%) today announced a strategic buy-in to privately held biotech Cornerstone Pharmaceuticals.
  • The company and co-investors put $10M in for a minority stake, following up a previous investment by IDT Chairman Howard Jonas. That will get IDT representation on the board as well as the prospect of taking majority control with its investor group.
  • Cornerstone focuses on cancer therapies, and IDT says that biotechnology is an "extremely well-positioned industry sector for growth and return. Annual global growth in the oncology drug market is expected to be 7.5%–10.5% through 2020, reaching $150B."

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