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GSK completes acquisition of Steifel

GSK has acquired the total share capital of Steifel Laboratories Inc in a cash deal worth $2.9bn

GlaxoSmithKline (GSK) has acquired the total share capital of Steifel Laboratories Inc in a cash deal worth $2.9bn.

As part of the deal, GSK has assumed $400m of net debt and may, dependent on the future performance of the business, be obliged to make additional cash payments of up to $300m.

GSK will operate its new dermatology business unit under the name Steifel, a GSK company.

Charles Stiefel, chairman of Stiefel, said: "As part of GSK, we are stronger, more competitive and continue to be a driving force in dermatology around the world. We are excited to combine GSK's prescription dermatology products, such as Bactroban, Cutivate and Altabax, with Stiefel's portfolio, including brands such as Duac, Olux E and Soriatane."

In 2008, Steifel products made approximately $900m in sales. This, combined with GSK's 2008 prescription dermatology product sales of $550m, creates pro forma revenues of around $1.5m – an 8 per cent share of the global prescription dermatology market.

22nd July 2009

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