June 24, 2008
Stiefel Laboratories Inc., the world's largest independent pharmaceutical company specializing in dermatology, announces agreement to acquire Barrier Therapeutics, Inc. for about $148 million.
On June 23, Willkie client Stiefel Laboratories Inc., the world's largest independent pharmaceutical company specializing in dermatology, announced it has signed a definitive merger agreement, whereby it will acquire Barrier Therapeutics, Inc. The merger will be effected through a two-step transaction: a tender offer followed by a merger of Barrier Therapeutics into a wholly owned subsidiary of Stiefel Laboratories, with a total transaction value of approximately $148 million. Stiefel manufactures and markets a variety of prescription and non-prescription dermatological products. Barrier Therapeutics currently markets three pharmaceutical products in the United States with several other product candidates in various stages of clinical development. Willkie previously assisted Stiefel in its $930 million acquisition of Connetics Corp. and in a $500 million investment made by Blackstone Group.
The current transaction was handled by partners William Grant, Gregory Astrachan, Thomas Meloro, Christopher Peters and Theodore Whitehouse; special counsel Jonathan Konoff, David Park and Kim Walker; and associates Michael Brandt, Katie Calabrese, Sean Ewen, Yara Martinez, Jordan Messinger and Fara Sunderji.
