CORAL GABLES, Fla., July 29 /PRNewswire/ -- Stiefel Laboratories, Inc.
('Stiefel Laboratories'), the world's largest independent pharmaceutical
company specializing in dermatology, announced today that the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
('HSR Act') has expired, for its proposed acquisition of Barrier Therapeutics,
Inc. ('Barrier Therapeutics') (Nasdaq: BTRX).
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 Stiefel Laboratories, Inc.
Founded in 1847, Stiefel Laboratories (a privately held company) is the
world's largest independent pharmaceutical company specializing in
dermatology. The company manufactures and markets a variety of prescription
and non-prescription dermatological products.
