CORAL GABLES, Fla., Aug. 5 /PRNewswire/ -- Stiefel Laboratories, Inc.
('Stiefel Laboratories'), the world's largest independent pharmaceutical
company specializing in dermatology, announced today that its wholly owned
subsidiary, Bengal Acquisition Inc., has completed its all cash tender offer
for the outstanding shares of common stock of Barrier Therapeutics, Inc.
('Barrier Therapeutics') (Nasdaq: BTRX). The tender offer expired, as
scheduled, at 12:00 midnight, New York City time, on Monday August 4, 2008.
The depositary for the tender offer has advised us that, as of the
expiration of the tender offer, an aggregate of 34,266,494 shares of Barrier
Therapeutics common stock (including 621,093 shares that were tendered
pursuant to the guaranteed delivery procedures) have been tendered into, and
not properly withdrawn from, the tender offer. The tendered shares represent
approximately 97% of the outstanding shares of Barrier Therapeutics common
stock as of August 5, 2008. All of such shares have been accepted in
accordance with the terms of the tender offer and, upon Stiefel Laboratories'
acquisition of such shares, Barrier Therapeutics will become a majority owned
indirect subsidiary of Stiefel Laboratories.
Pursuant to the terms of the previously announced Merger Agreement, dated
as of June 23, 2008, by and among Stiefel Laboratories, Bengal Acquisition
Inc. and Barrier Therapeutics, Stiefel Laboratories and Bengal Acquisition
Inc. expect to effect a merger of Bengal Acquisition Inc. with and into
Barrier Therapeutics, with Barrier Therapeutics continuing as the surviving
corporation following the merger. Upon the effectiveness of the merger, each
outstanding share of Barrier Therapeutics common stock will be converted into
the right to receive the same $4.15 per share in cash, without interest and
less any required withholding taxes, if any, that will be paid to the holders
of shares of common stock that were tendered in the tender offer. As a result
of the merger, Barrier Therapeutics will become a wholly owned subsidiary of
Stiefel Laboratories and Barrier Therapeutics' common stock will be delisted
from and will cease to trade on the NASDAQ Global Market. Stiefel
Laboratories, Bengal Acquisition Inc. and Barrier Therapeutics intend to
complete the merger as soon as practicable following the satisfaction of the
conditions in the Merger Agreement.
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.
