Stiefel Laboratories to acquire Barrier Therapeutics

Stiefel Laboratories has signed a definitive merger agreement through which it will acquire Barrier Therapeutics for a total sum of approximately $148 million (75 million pounds).

It will purchase the firm through a two-step transaction, with a tender offer of $4.15 in cash for each share of the common stock of Barrier Therapeutics followed by a merger of the company into a wholly-owned subsidiary.

The price tendered for the shares represents a premium of around 73 per cent to the average closing price of the stock during the past month.

Both companies expect the transaction to formally close by the end of the third quarter of this year.

Charles W Stiefel, chairman and chief executive officer of Stiefel Laboratories, said: “This acquisition demonstrates our continued commitment to advancing the field of therapeutic dermatology.”

He added the company is impressed with the novel product and research and development pipeline belonging to Barrier Therapeutics, with this strategic move to expand the company’s oral and topical product portfolio and boost sales of its skin condition treatments.

Last month, Stiefel Laboratories announced it is to purchase the developers of the Atlean dermal filler, ABR Invent and ABR Development.