Singapore, May 7, 2008: Stiefel Laboratories, an independent pharmaceutical company specializing in dermatology, announced that it has acquired ABR Invent and ABR Development, developers of the dermal filler Atlean. Stiefel will acquire all shares of ABR Invent and ABR Development through a definitive stock purchase agreement. Both ABR Invent and ABR Development are legal entities based in France.

 

Mr Charles W. Stiefel, chairman and CEO, Stiefel Laboratories said, "We have been looking for the right dermal filler to add to our aesthetic portfolio for quite some time. After conducting due diligence and extensive research, our team made an offer to ABR Development, a company whose innovation, expertise and product portfolio will significantly strengthen our position in the global aesthetics market. We are delighted that our proposal was accepted."

 

Atlean dermal filler is currently commercialized in France and Italy and distribution and manufacturing agreements for the product will remain in place throughout Europe. All sales representatives formerly employed by ABR Development will now become employees of Stiefel Laboratories.

 

Over the next 18 months, Stiefel plans to launch Atlean dermal filler in multiple areas, including parts of Europe, Asia Pacific, Latin America and the Caribbean. The company will continue clinical development of Atlean dermal filler in order to expeditiously submit the product for approval from the Food and Drug Administration (FDA) and other regulatory bodies around the world. Stiefel also expects to develop other products from the ABR portfolio.

 

Mr Bill Humphries, president, Stiefel Laboratories, said, “The use of dermal fillers is growing worldwide at a very rapid pace. Stiefel chose to add Atlean dermal filler to our product portfolio so that we can submit a unique and broader offering of options to our valued physician partners and they can, in turn, offer these products to their patients."

 

The acquisition of ABR gives Stiefel the opportunity to enter the rapidly growing dermal filler market, which is estimated to reach more than $1 billion in 2010 as more people around the world seek rejuvenation options rather than invasive surgery.