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GEN News Highlights : Oct 23, 2006

Connetics and Stiefel to Merge

Combined company will have global presence in branded and generic dermatology markets.
Connetics signed a definitive merger agreement with Stiefel Laboratories. Upon the closing of the transaction, holders of Connetics’ common stock will receive $17.50 per share in cash, representing a 62% premium to Connetics' average closing price for the past four weeks. The aggregate value to be received by Connetics' stockholders is approximately $640 million.

After the combination, which the companies expect will occur in late 2006 or early 2007, Stiefel Laboratories will have more than 3,500 employees worldwide with more than 30 subsidiaries and sales in more than 100 countries.