Fenwick & West Represents Connetics in $930 Million Merger with Stiefel Laboratories

October 23, 2006

Fenwick & West LLP represented Connetics Corporation (NASDAQ: CNCT) in its recently announced merger with Stiefel Laboratories, Inc., the world's largest independent pharmaceutical company specializing in dermatology. Stiefel will purchase all outstanding shares of Connetics for $17.50 per share, valued at approximately $640 million, plus the assumption of $290 million in debt. The combination will create the world's premier independent dermatology company, with over 3,500 employees and sales in more than 100 countries. The transaction is subject to customary closing conditions, including antitrust clearance and Connetics' stockholders approval, and is expected to close in late 2006 or early 2007.

The Fenwick & West transaction team included corporate attorneys Doug Cogen, David Michaels, Matthew Richards, Elizabeth Gartland, Andrea Ghoorah, Jacob McQuown, Gina Kraft and John Lister; compensation and benefits attorney Blake Martell; technology transactions attorneys Sergio Garcia and Lance Stern; antitrust attorney Mark Ostrau; securities litigation attorneys Susan Muck and Dean Kristy; and litigation attorney Ilana Rubel.

About Fenwick & West

Fenwick & West provides comprehensive legal services to technology and life sciences clients of national and international prominence. The firm is ranked by MergerMarketas one of the top 5 technology M&A practices in the U.S. and by Corporate Board Member as one of the top 5 corporate law firms in northern California for publicly traded companies.