Stiefel moves forward on Barrier acquisition

Florida-headquartered Stiefel Laboratories, which says it is the world's largest independent drugmaker specializing in dermatology, says that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, for its proposed $148.0 million acquisition of fellow USA-based Barrier Therapeutics (Marketletter June 30).

As previously announced, Stiefel and Bengal Acquisition, a direct wholly-owned subsidiary, signed a definitive merger agreement to buy Barrier through a two-step transaction - a tender offer followed by a merger of Bengal with and into Barrier. The transaction was approved by the board of directors of Barrier. Stiefel is accomplishing the acquisition of Barrier through a tender offer, which commenced on July 8 and is scheduled to expire at 12:00 midnight, New York City time, on August 4, unless, subject to the terms of the merger agreement, the tender offer is extended.