Stiefel Laboratories purchases Connetics

Stiefel Laboratories has announced that it has completed its acquisition of California-based Connetics effective at the end of yesterday’s trading, with Connetics being delisted from the New York Stock Exchange.

The deal intends to merge Stiefel Laboratories’ capabilities in skin care products and commercialisation with the therapies and drug discovery technologies from Connetics.

Charles W Stiefel, chairman and chief executive officer of Stiefel Laboratories, hailed the decision as an important landmark in the history of the company that underlined its commitment to the dermatology sector.

“With the innovative products and cutting-edge technology Stiefel Laboratories acquired through Connetics, we have enhanced our product portfolio and are well on our way to reaching our goal of achieving $1 billion [509.73 million pounds] in product sales.”

He added that the deal would provide the company with a number of delivery technologies and information it could apply to its existing product portfolio to benefit patients with dermatological conditions worldwide.

At the end of November, the company announced the opening of a new facility at the Northmont Business Centre in Duluth, Georgia.

The company described this expansion as an example of its commitment to Gwinnett County and the whole Atlanta area.