Connetics Completes Acquisition of Soltec Research Pty Ltd

Apr 23, 2001, 01:00 ET from Connetics Corporation

    PALO ALTO, Calif., April 23 /PRNewswire Interactive Press Release/ --
 Connetics Corporation (Nasdaq:   CNCT) today announced that it has completed the
 acquisition of Soltec Research Pty Ltd, a division of Australia-based F.H.
 Faulding & Co Limited. Connetics has acquired all of Soltec's issued capital
 for Australian $32 million. On March 21, 2001, Connetics announced the
 agreement to acquire Soltec.
     Connetics' two marketed dermatology products and current development
 programs are based on technology developed by Soltec. Soltec has been
 developing innovative delivery systems for new dermatology products for over
 10 years, and has leveraged its broad range of drug delivery technologies by
 entering into license agreements with dermatology companies around the world.
 Those license agreements bear royalties payable to Soltec for currently
 marketed products, as well as potential future royalties for products under
 development.
     "We are delighted to have Soltec join Connetics," said Thomas G. Wiggans,
 President and CEO of Connetics. "This is a strategically important and
 tremendously exciting transaction for us. We have secured worldwide rights to
 broad and innovative topical delivery technologies. We now fully own our
 existing dermatology products and have an increased ability to develop new
 proprietary products. In addition, we are integrating a profitable operating
 company that will be accretive to earnings. This deal squarely reinforces our
 commitment to building the leading company serving the dermatology specialty."
     By acquiring Soltec, Connetics will gain worldwide rights to a number of
 unique topical delivery systems, including several distinctive aerosol foams
 including aqueous-, ethanol- and petrolatum-based foams. These new aerosol
 foams may present product opportunities similar to Connetics' foam delivery
 system for Luxiq(R) and OLUX(TM). In addition, Connetics will own worldwide
 rights to Liquipatch(TM), a gel-matrix delivery system that applies to the
 skin like a normal gel and dries to form a very thin, invisible,
 water-resistant film. This film enables a controlled release of the active
 agent to provide longer relief, while potentially being less irritating.
 Consolidating the rights to these technologies enables Connetics to populate
 its own product development portfolio, as well as pursue business development
 agreements with other pharmaceutical companies.
 
     About Connetics
     Connetics Corporation, headquartered in Palo Alto, California, is a
 biopharmaceutical company focused on the development and commercialization of
 novel therapeutics for the dermatology market and on the development of
 recombinant human relaxin for multiple indications. For more information about
 Connetics and its products, please visit Connetics' Web Site at
 www.connetics.com, or send e-mail to ir@connetics.com.
     Except for the historical information contained herein, this press release
 contains forward-looking statements concerning Connetics' product development,
 commercialization capabilities, corporate revenue and profit, that involve
 risks and uncertainties. All forward-looking statements and other information
 included in this press release are based on information available to Connetics
 as of the date hereof, and Connetics assumes no obligation to update any such
 forward-looking statements or information. Connetics' actual results could
 differ materially from those described in the forward-looking statements.
 Factors that could cause or contribute to such differences include, but are
 not limited to, risks and other factors that are discussed in documents filed
 by Connetics with the Securities and Exchange Commission from time to time,
 including Connetics' most recently filed Annual Report on Form 10-K. The
 significant risks include, but are not limited to, the uncertainty of success
 of Connetics' efforts in research, development, commercialization and product
 acceptance, as well as the uncertainties associated with the protection of
 Connetics' proprietary rights, the lengthy and expensive regulatory process
 and competition from other products.
 
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SOURCE Connetics Corporation
    PALO ALTO, Calif., April 23 /PRNewswire Interactive Press Release/ --
 Connetics Corporation (Nasdaq:   CNCT) today announced that it has completed the
 acquisition of Soltec Research Pty Ltd, a division of Australia-based F.H.
 Faulding & Co Limited. Connetics has acquired all of Soltec's issued capital
 for Australian $32 million. On March 21, 2001, Connetics announced the
 agreement to acquire Soltec.
     Connetics' two marketed dermatology products and current development
 programs are based on technology developed by Soltec. Soltec has been
 developing innovative delivery systems for new dermatology products for over
 10 years, and has leveraged its broad range of drug delivery technologies by
 entering into license agreements with dermatology companies around the world.
 Those license agreements bear royalties payable to Soltec for currently
 marketed products, as well as potential future royalties for products under
 development.
     "We are delighted to have Soltec join Connetics," said Thomas G. Wiggans,
 President and CEO of Connetics. "This is a strategically important and
 tremendously exciting transaction for us. We have secured worldwide rights to
 broad and innovative topical delivery technologies. We now fully own our
 existing dermatology products and have an increased ability to develop new
 proprietary products. In addition, we are integrating a profitable operating
 company that will be accretive to earnings. This deal squarely reinforces our
 commitment to building the leading company serving the dermatology specialty."
     By acquiring Soltec, Connetics will gain worldwide rights to a number of
 unique topical delivery systems, including several distinctive aerosol foams
 including aqueous-, ethanol- and petrolatum-based foams. These new aerosol
 foams may present product opportunities similar to Connetics' foam delivery
 system for Luxiq(R) and OLUX(TM). In addition, Connetics will own worldwide
 rights to Liquipatch(TM), a gel-matrix delivery system that applies to the
 skin like a normal gel and dries to form a very thin, invisible,
 water-resistant film. This film enables a controlled release of the active
 agent to provide longer relief, while potentially being less irritating.
 Consolidating the rights to these technologies enables Connetics to populate
 its own product development portfolio, as well as pursue business development
 agreements with other pharmaceutical companies.
 
     About Connetics
     Connetics Corporation, headquartered in Palo Alto, California, is a
 biopharmaceutical company focused on the development and commercialization of
 novel therapeutics for the dermatology market and on the development of
 recombinant human relaxin for multiple indications. For more information about
 Connetics and its products, please visit Connetics' Web Site at
 www.connetics.com, or send e-mail to ir@connetics.com.
     Except for the historical information contained herein, this press release
 contains forward-looking statements concerning Connetics' product development,
 commercialization capabilities, corporate revenue and profit, that involve
 risks and uncertainties. All forward-looking statements and other information
 included in this press release are based on information available to Connetics
 as of the date hereof, and Connetics assumes no obligation to update any such
 forward-looking statements or information. Connetics' actual results could
 differ materially from those described in the forward-looking statements.
 Factors that could cause or contribute to such differences include, but are
 not limited to, risks and other factors that are discussed in documents filed
 by Connetics with the Securities and Exchange Commission from time to time,
 including Connetics' most recently filed Annual Report on Form 10-K. The
 significant risks include, but are not limited to, the uncertainty of success
 of Connetics' efforts in research, development, commercialization and product
 acceptance, as well as the uncertainties associated with the protection of
 Connetics' proprietary rights, the lengthy and expensive regulatory process
 and competition from other products.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X79945761
 
 SOURCE  Connetics Corporation