Stiefel Labs in $148M Dermatology Deal
NJBIZ, Jun 30, 2008
Stiefel Laboratories Inc., a privately held Coral Gables, Fla.-based pharmaceutical company focused on dermatology, last week announced that it will acquire Barrier Therapeutics of Princeton for $148 million.
Stiefel said it would pay $4.15 for every share of Barrier, or a 73 percent premium to its 30-day average closing price.
Barrier markets three dermatology products and has other candidates in development, according to Stiefel. Barrier had revenue of $24 million and incurred a loss of $53.6 million in 2007, according to regulatory filings.
The deal is expected to close by the third quarter of 2008, Stiefel said. - Shankar P.
Copyright Journal Publications Inc. Jun 30, 2008
Provided by ProQuest Information and Learning Company. All rights Reserved
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