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Barrier Therapeutics to Merge Into Stiefel Laboratories
Date:6/23/2008

Acquisition to enhance industry leader's dermatological portfolio

CORAL GABLES, Fla., June 23 /PRNewswire/ -- Stiefel Laboratories Inc., the world's largest independent pharmaceutical company specializing in dermatology, today announced it has signed a definitive merger agreement, pursuant to which Stiefel Laboratories will acquire Barrier Therapeutics, Inc. ("Barrier Therapeutics") (Nasdaq: BTRX), through a two-step transaction, a tender offer followed by a merger of Barrier Therapeutics into a wholly-owned subsidiary of Stiefel Laboratories, at a price of $4.15 in cash, per share of Barrier Therapeutics' common stock. The transaction, valued at approximately $148 million, is subject to the valid tender of a majority of Barrier Therapeutics' fully diluted common stock, regulatory approvals and other customary conditions, but is not subject to any financing conditions. The price of $4.15 per share of Barrier Therapeutics' common stock represents a premium of approximately 73% to Barrier Therapeutics' average closing price for the past 30 days. The parties expect the transaction to close by the end of the third quarter of 2008.

The Board of Directors of Barrier Therapeutics has approved the definitive merger agreement and the transactions contemplated thereby and has resolved to recommend that Barrier Therapeutics' stockholders tender their shares in connection with the tender offer contemplated by the definitive merger agreement.

This acquisition underscores Stiefel Laboratories' continuing efforts to search for and develop premium-quality, innovative dermatology products and to focus on providing a superior customer experience in global therapeutic and aesthetic dermatology.

"This acquisition demonstrates our
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SOURCE Stiefel Laboratories Inc.
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