October 24, 2006
Stiefel Laboratories Inc. announces agreement to purchase Connetics Corporation for approximately $640 million plus the assumption of $290 million in debt.
On October 23, Willkie client Stiefel Laboratories Inc., the world's largest independent pharmaceutical company specializing in dermatology, announced that it has agreed to purchase all of the shares of Connetics Corporation for $17.50 per share, in a transaction valued at approximately $640 million plus the assumption of $290 million in debt. Upon the closing of the transaction, Connetics Corporation, a specialty pharmaceutical company that develops and commercializes dermatology products, will merge into a wholly owned subsidiary of Stiefel. The merger creates one of the largest dermatology pipelines in the world. The deal was handled by partners William Grant, William Hiller, Cornelius Finnegan, Theodore Whitehouse and Frank Daniele; special counsel Jonathan Konoff and Kim Walker; and associates Thomas Mark, Michael Brandt, Katie Calabrese, Jordan Messinger, Manuel Miranda, David Park, Christopher Peters, Sandrine Asseraf and Danielle Scalzo.
