Cornerstone

Cornerstone Therapeutics, a Cary company that specializes in respiratory therapies, has offered to pay $5 million for the commercial rights to Factive, a respiratory anitbiotic that generated $16 million in sales last year.

The offer was announced Monday, the same day Oscient Pharmaceuticals, the Massachusetts company that owns the rights to Factive, filed for Chapter 11 bankruptcy. The bankruptcy court still has to approve the deal following an auction in which Oscient will seek competing bids.