Offer values Barrier Therapeutics at over twice its closing price on Friday.
Stiefel Laboratories intends to acquire Barrier Therapeutics for approximately $148 million to bolster its dermatology franchise. Stiefel is offering $4.15 per share in cash, a 135% premium over Barrier Therapeutics’ previous day closing price. Barrier Therapeuctics’ stock went from $1.76 at close on Friday to open today at $3.99.
The transaction is expected to close by the end of the third quarter. Stiefel Laboratories will gain three marketed drugs. In addition, Barrier Therapeutics will bring with it five candidates in various stages of clinical development.
“This acquisition demonstrates our continued commitment to advancing the field of therapeutic dermatology,” comments Charles W. Stiefel, chairman and CEO of Stiefel Laboratories. “We are very impressed with Barrier Therapeutics’ innovative products and pipeline. This strategic move will further expand our oral and topical product portfolio in development and increase our sales of novel treatments for skin conditions.”
