CORAL GABLES, Fla. (AFX) - Stiefel Laboratories Inc., a privately-held pharmaceutical company specializing in dermatology, said Thursday that it has completed its $640 million acquisition of Connetics Corp., which also develops dermatological products.
As a result, Thursday is the last day that Connetics shares will be listed on the Nasdaq, according to a statement issued by Stiefel.
The transaction combines Stiefel's skin care products with Connetics' patented drug-delivery technologies, the company's statement said.
Chairman and Chief Executive Charles W. Stiefel said the deal improves the company's product portfolio and will help it reach its goal of $1 billion in sales.
Connetics shareholders approved the $640 million deal Dec. 20. Under the terms of the transaction, Stiefel paid Connetics stockholders $17.50 per share, a 49 percent premium to Connetics' closing price before the acquisition was announced Oct. 23.
Shares of Connetics rose a penny in after-hours trading to $17.48, after finishing unchanged at $17.47 on the Nasdaq.
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