Stiefel Laboratories to acquire New Jersey drug development firm
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Privately held Stiefel Laboratories, which operates its research and development facility in the Research Triangle Park in North Carolna, is buying a New Jersey firm in a deal worth $148 million.
Barrier Therapeutics, which focuses on dermatology, as does Stiefel, is based in Princeton.
The deal is expected to close in the third quarter.
Stiefel offered $4.15 a share for Barrier, which is publicly traded. The offer is a 73 percent premium for Barrier shares. Barrier will operate as a subsidiary of Stiefel.
"This acquisition demonstrates our continued commitment to advancing the field of therapeutic dermatology," said Charles Stiefel, chairman and chief executive officer of Stiefel Laboratories. "We are very impressed with Barrier Therapeutics' innovative products and pipeline. This strategic move will further expand our oral and topical product portfolio in development and increase our sales of novel treatments for skin conditions."
Barrier currently sells three products and is developing several others.
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