Blackstone to invest $500m in Stiefel Laboratories

The investment will be accomplished pursuant to the issuance by Stiefel Laboratories of a new class of preferred stock to Blackstone. Current shareholders will not sell any shares as part of the transaction.

The Stiefel family will retain control of Stiefel Laboratories and continue to hold a majority share ownership.

Stiefel Laboratories considered a number of private equity firms as partners, the company said in a statement.

Chinh Chu, senior managing director of Blackstone, said, 'Stiefel Laboratories has a robust and diversified product portfolio across the entire field of dermatology, with numerous pipeline products and international expansion opportunities.'

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