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GSK acquires US skincare company Stiefel

GSK has announced it is to acquire Stiefel Laboratories for up to $3.6bn. The acquisition will create a new specialist dermatology business

GlaxoSmithKline (GSK) has announced it is to acquire Stiefel Laboratories for up to $3.6bn. The acquisition will create a new specialist dermatology business.

Glaxo's existing prescription dermatological products will be combined with those of Florida-based company Stiefel's and the new specialist global business will operate under the Stiefel identity within the Glaxo group. The new enterprise will have combined revenues of approximately $1.5 bn along with a robust, new product pipeline.

The deal offers both companies several benefits. For Stiefel the deal will expand the customer base, while GSK will also gain access to Stiefel's valued relationships and shared understanding with dermatologists around the world. Cost synergies for the new business will primarily be made by combining the manufacturing and administrative functions of the two organisations.

Andrew Witty, Glaxo chief executive, said: "This transaction will create a new world-leading, specialist dermatology business and re-energise our existing dermatology products. The addition of Stiefel's broad portfolio will provide immediate new revenue flows to GSK with significant opportunities to enhance growth through leveraging our existing global commercial infrastructure and manufacturing capability. We look forward to working with Stiefel to develop this exciting opportunity."

Tokyo-based drug analyst from Japan Advisory LLC said: "It (GSK) is expanding to other healthcare areas to diversify risks, away from being purely pharmaceuticals."

Privately held Stiefel is controlled by the Stiefel family and part-owned by Blackstone Group, the private equity firm. Stiefel makes acne washes and other skin treatments. Their leading brands include Duac (for acne), Olux E (for dermatitis) and Soriatane (for severe psoriasis).

20th April 2009

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