Connetics Gets Bought

Stiefel Laboratories agreed to buy Connetics (CNCT Quote) for $17.50 per share, or $640 million.

Coral Gables, Fla.-based Stiefel said the deal 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."

The deal gives holders in Palo Alto, Calif.-based Connetics a 49% premium to Friday's close of $11.71.