Coral Gables, FL-based Stiefel Laboratories will fork over $640 million for Connetics Corporation. Stiefel develops a number of prescription and non-prescription dermatological products and through the buyout, will gain Connetics' advanced therapies and topical delivery technologies. The deal is expected to close in late 2006 or early 2007. Thomas G. Wiggans, chairman and CEO of Connetics, noted that, "The combination of Stiefel and Connetics will create the world's premier dermatology company with a strong global presence in both branded and generic markets, dozens of marketed products and the most robust development pipeline in the industry. After the combination, Stiefel Laboratories. will have more than 3,500 employees worldwide, with more than 30 subsidiaries and sales in more than 100 countries."
- see the press release for more on the deal
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