Firm Advises Stiefel Laboratories in $500 Million Investment by Blackstone Group

On August 9, Willkie client Stiefel Laboratories, Inc. announced that private equity funds of the Blackstone Group have agreed to make a $500 million minority investment in the company.  The investment will be facilitated through the issuance by Stiefel of a new class of preferred stock to the private equity funds of Blackstone.  Current shareholders will not sell any shares as part of the transaction.  Founded in 1847, privately held Stiefel Laboratories is the world's largest independent pharmaceutical company specializing in prescription and non-prescription dermatology products.  Last October, the firm also advised Stiefel in its $930 million acquisition of Connetics Corp.  The current deal was handled by partner William Grant and associates Thomas Mark and Michael Brandt.