PRINCETON, N.J., July 29, 2008 (PRIME NEWSWIRE) -- Barrier Therapeutics, Inc. ("Barrier Therapeutics") (Nasdaq:BTRX), a pharmaceutical company that develops and markets dermatology products, today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act") has expired, for Stiefel Laboratories, Inc. ("Stiefel Laboratories") proposed acquisition of Barrier Therapeutics.
As previously announced, Stiefel Laboratories and Bengal Acquisition Inc., a direct wholly-owned subsidiary of Stiefel Laboratories, signed a definitive merger agreement with Barrier Therapeutics to acquire Barrier Therapeutics through a two-step transaction, a tender offer followed by a merger of Bengal Acquisition Inc. with and into Barrier Therapeutics. The transaction was approved by the board of directors of Barrier Therapeutics. Stiefel Laboratories is accomplishing the acquisition of Barrier Therapeutics through a tender offer, which commenced on July 8, 2008 and is scheduled to expire at 12:00 midnight, New York City time, on August 4, 2008, unless, subject to the terms of the merger agreement, the tender offer is extended. The tender offer is being conducted on the terms and subject to the conditions described in the Offer to Purchase, dated July 8, 2008, and the related Letter of Transmittal, which have been filed as part of Tender Offer Statement on Schedule TO filed with the U.S. Securities and Exchange Commission on July 8, 2008.
Expiration of the waiting period under the HSR Act satisfies one of the conditions necessary for the consummation of the tender offer and the proposed merger of Barrier Therapeutics into Bengal Acquisition Inc. No other governmental regulatory approvals are necessary for the consummation of the tender offer and the acquisition. Consummation of the tender offer, however, remains subject to other customary closing conditions, including satisfaction of the minimum tender condition, as described in the Offer to Purchase.
Questions and request for assistance may be directed to the Information Agent for the offer, Mellon Investor Services LLC, at (201) 680-5235 or (877) 892-8805 (toll-free).
About Barrier Therapeutics
Barrier Therapeutics is a pharmaceutical company focused on the development and commercialization of products in the field of dermatology. Barrier Therapeutics currently markets three pharmaceutical products in the United States: Xolegel(r) (ketoconazole, USP) Gel, 2%, for seborrheic dermatitis; Vusion(r) (0.25% miconazole nitrate, 15% zinc oxide, 81.35% white petrolatum) Ointment, for diaper dermatitis complicated by documented candidiasis; and Solage(r) (mequinol 2.0%, tretinoin 0.01%) Topical Solution, for solar lentigines. Barrier Therapeutics has other product candidates in various stages of clinical development for the treatment of a range of dermatological conditions, including onychomycosis, psoriasis, acne, skin allergies, and acute fungal infections. The company is headquartered in Princeton, New Jersey and has a wholly owned subsidiary in Geel, Belgium.
