GSK Completes Aquisition Of Stiefel

GlaxoSmithKline (GSK) has completed its acquisition of Stiefel. The company has acquired the total share capital of Stiefel for a cash consideration of $2.9 billion.

Under the terms of the agreement, GSK may be obligated to make additional cash payments of up to $0.3 billion, depending on the future performance of the business. The new dermatology business unit within GSK will operate under the name – Stiefel, a GSK company.

Charles Stiefel, chairman of Stiefel, said: “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. This combined portfolio, together with our specialty sales force and GSK’s global presence, positions GSK’s dermatology business for significant growth.”