The world's largest independent pharmaceutical company specializing in dermatology -Stiefel Laboratories Inc.- has recently signed a definitive merger agreement for the purchase of all the outstanding shares of Connetics Corporation (Nasdaq: CNCT) for $17.50 per share.
The said transaction is valued at approximately $640 million, which upon closing will merge Connetics Corporation into a wholly owned subsidiary of Stiefel (8068636).
While this transaction is subject to customary conditions (including receipt of regulatory approval and the approval of Connetics' Stockholders) and is expected to close in late 2006 or early 2007.
Find more details from the press releases at Connetics Corporation and Stiefel Laboratories, Inc.The combination unites Stiefel Laboratories' innovative skin care products and commercial capabilities with Connetics' advanced therapies and topical delivery technologies.
This combined offering will result in one of the most robust dermatology product lines in the industry and underscores Stiefel Laboratories' commitment to the global advancement of dermatology.
This merger also creates one of the largest and most novel dermatology pipelines in the world, combining technology, expertise and pharmaceutical experience to yield unprecedented advancements in the treatment of skin diseases.
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