The deal for Stiefel, which is partly owned by private equity firm Blackstone Group
A person familiar with the matter told Reuters a month ago that Stiefel was considering selling itself and had asked Blackstone to seek offers for the business.
Stiefel is the world's largest independent dermatology company and is viewed as a potentially attractive asset for major drugmakers, industry experts have said.
The source had told Reuters that Blackstone and the company's family owners were seeking a speedy sale.
The Wall Street Journal, which had first reported news of the possible sale last month, said the business had drawn interest from a number of major drug companies, including Johnson & Johnson
(Reporting by Jui Chakravorty Das; Editing by Jan Paschal)