CORAL GABLES, Fla., Aug. 5 Stiefel Laboratories, Inc.("Stiefel Laboratories"), the world's largest independent pharmaceuticalcompany specializing in dermatology, announced today that its wholly ownedsubsidiary, Bengal Acquisition Inc., has completed its all cash tender offerfor the outstanding shares of common stock of Barrier Therapeutics, Inc.("Barrier Therapeutics") (Nasdaq: BTRX). The tender offer expired, asscheduled, at 12:00 midnight, New York City time, on Monday August 4, 2008.
The depositary for the tender offer has advised us that, as of theexpiration of the tender offer, an aggregate of 34,266,494 shares of BarrierTherapeutics common stock (including 621,093 shares that were tenderedpursuant to the guaranteed delivery procedures) have been tendered into, andnot properly withdrawn from, the tender offer. The tendered shares representapproximately 97% of the outstanding shares of Barrier Therapeutics commonstock as of August 5, 2008. All of such shares have been accepted inaccordance with the terms of the tender offer and, upon Stiefel Laboratories'acquisition of such shares, Barrier Therapeutics will become a majority ownedindirect subsidiary of Stiefel Laboratories.
Pursuant to the terms of the previously announced Merger Agreement, datedas of June 23, 2008, by and among Stiefel Laboratories, Bengal AcquisitionInc. and Barrier Therapeutics, Stiefel Laboratories and Bengal AcquisitionInc. expect to effect a merger of Bengal Acquisition Inc. with and intoBarrier Therapeutics, with Barrier Therapeutics continuing as the survivingcorporation following the merger. Upon the effectiveness of the merger, eachoutstanding share of Barrier Therapeutics common stock will be converted intothe right to receive the same $4.15 per share in cash, without interest andless any required withholding taxes, if any, that will be paid to the holdersof shares of common stock that were tendered in the tender offer. As a resultof the merger, Barrier Therapeutics will become a wholly owned subsidiary ofStiefel Laboratories and Barrier Therapeutics' common stock will be delistedfrom and will cease to trade on the NASDAQ Global Market. StiefelLaboratories, Bengal Acquisition Inc. and Barrier Therapeutics intend tocomplete the merger as soon as practicable following the satisfaction of theconditions in the Merger Agreement.
About Stiefel Laboratories, Inc.
Founded in 1847, Stiefel Laboratories (a privately held company) is theworld's largest independent pharmaceutical company specializing indermatology. The company manufactures and markets a variety of prescriptionand non-prescription dermatological products. Some of the newest and best-known brands include Duac(R) Topical Gel (clindamycin, 1% - benzoyl peroxide,5%) available in the Duac(R) Care System (CS); Evoclin(R) (clindamycinphosphate) Foam, 1%; Luxiq(R) (betamethasone valerate) Foam, 0.12%; MimyX(R)Cream; Olux(R) (clobetasol propionate) Foam, 0.05% and Olux-E(R) (clobetasolpropionate) Foam, 0.05% also available in the Olux(R) / Olux-E(R) COMPLETEPACK; Soriatane(R) (acitretin) Capsules available in the Soriatane(R) CKCONVENIENCE KIT; Verdeso(R) (desonide) Foam, 0.05%; Brevoxyl(R)-4 Creamy Wash(benzoyl peroxide 4%) and Brevoxyl(R)-8 Creamy Wash (benzoyl peroxide 8%)packaged in the Brevoxyl(R) Acne Wash Kit; Extina(R) (ketoconazole) Foam, 2%;Oilatum(R) Cleansing Bar; Physiogel(R) Cream; Stieprox(R) (ciclopirox olamine)Shampoo; REVALESKIN(TM) Skin Care Products; and Sarna(R) Lotion. Its wholly-owned global network is comprised of more than 30 subsidiaries, manufacturingplants in six countries, research and development facilities on fourcontinents, and products marketed in more than 100 countries around the world.
Stiefel Laboratories supplements its R&D efforts by seeking strategicpartnerships and acquisitions around the world. To learn more about StiefelLaboratories, Inc. visit www.stie