CenturyTel Inc. (CTL) will acquire rival Embarq Corp. (EQ) in an $11.6 billion deal that could kick-start a flurry of mergers among rural-regional telephone carriers. The deal should be good for the two companies, said Jeff Kagan, an independent analyst who is well known for his coverage of the telecom sector.

Brisbane-based growth hormone company Tercica, Inc. (TRCA:NASDAQ) will be acquired by French drugmaker Ipsen SA in a stock deal valued at more than $400 million.