By Lisa Kerner
Charlotte, N.C., June 23 - Stiefel Laboratories, Inc. said it signed a definitive agreement to acquire Barrier Therapeutics, Inc. for $4.15 per share, or approximately $148 million.
According to a Stiefel news release, the company will begin a tender offer for Barrier followed by a merger of Barrier into a wholly owned Stiefel subsidiary.
Barrier's board of directors has approved the deal and will recommend its shareholders tender their shares in the offer.
The transaction is slated to close by the end of the third quarter of 2008, the release stated.
Stiefel noted that the offer price is a 73% premium to Barrier's average closing price for the past 30 days.
"This strategic move will further expand our oral and topical product portfolio in development and increase our sales of novel treatments for skin conditions," Stiefel chairman and chief executive officer Charles W. Stiefel said in the release.
Stiefel, a Coral Gables, Fla., independent pharmaceutical company, said Barrier currently has three pharmaceutical products with other product candidates in various stages of development for the treatment of dermatological conditions.
J.P. Morgan Securities Inc. and Morgan, Lewis & Bockius, LLP are advising Barrier, while Stiefel is being advised by Deutsche Bank Securities Inc. and Willkie Farr & Gallagher LLP.
Barrier is a Princeton, N.J.-based pharmaceutical company with a wholly owned subsidiary in Geel, Belgium.
| Acquirer: | Stiefel Laboratories, Inc.
|
| Target: | Barrier Therapeutics, Inc.
|
| Announcement date: | June 23
|
| Transaction total: | $148 million
|
| Price per share: | $4.15
|
| Expected closing: | Fourth quarter of 2008
|
| Stock price of target: | Nasdaq: BTRX: $1.76 on June 20
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
