Acquisition to enhance industry leader's dermatological portfolio
CORAL GABLES, Fla., June 23 /PRNewswire/ -- Stiefel Laboratories Inc., the
world's largest independent pharmaceutical company specializing in
dermatology, today announced it has signed a definitive merger agreement,
pursuant to which Stiefel Laboratories will acquire Barrier Therapeutics, Inc.
('Barrier Therapeutics') (Nasdaq: BTRX), through a two-step transaction, a
tender offer followed by a merger of Barrier Therapeutics into a wholly-owned
subsidiary of Stiefel Laboratories, at a price of $4.15 in cash, per share of
Barrier Therapeutics' common stock. The transaction, valued at approximately
$148 million, is subject to the valid tender of a majority of Barrier
Therapeutics' fully diluted common stock, regulatory approvals and other
customary conditions, but is not subject to any financing conditions. The
price of $4.15 per share of Barrier Therapeutics' common stock represents a
premium of approximately 73% to Barrier Therapeutics' average closing price
for the past 30 days. The parties expect the transaction to close by the end
of the third quarter of 2008.
The Board of Directors of Barrier Therapeutics has approved the definitive
merger agreement and the transactions contemplated thereby and has resolved to
recommend that Barrier Therapeutics' stockholders tender their shares in
connection with the tender offer contemplated by the definitive merger
agreement.
This acquisition underscores Stiefel Laboratories' continuing efforts to
search for and develop premium-quality, innovative dermatology products and to
focus on providing a superior customer experience in global therapeutic and
aesthetic dermatology.
'This acquisition demonstrates our continued commitment to advancing the
field of therapeutic dermatology,' said Charles W. Stiefel, chairman and chief
executive officer of Stiefel Laboratories. 'We are very impressed with
Barrier Therapeutics' innovative products and pipeline. This strategic move
will further expand our oral and topical product portfolio in development and
increase our sales of novel treatments for skin conditions.'
Barrier Therapeutics currently markets three pharmaceutical products. In
addition to these marketed products, the company has other product candidates
in various stages of development for the treatment of a range of
dermatological conditions.
'We are very proud of the accomplishments of the entire Barrier
Therapeutics team since we were founded in 2002, and we are pleased that
Stiefel Laboratories recognizes the value that we have created,' said Al
Altomari, chief executive officer of Barrier Therapeutics. 'We believe that
this transaction provides substantial value to our stockholders.
