Navigation Links
GlaxoSmithKline Completes Acquisition of Stiefel
Date:7/22/2009

RESEARCH TRIANGLE PARK, N.C., July 22 /PRNewswire-FirstCall/ -- GlaxoSmithKline plc (GSK) (NYSE: GSK) today announced that it has completed its acquisition of Stiefel Laboratories, Inc. GSK has acquired the total share capital of Stiefel for a cash consideration of $2.9 billion. GSK also assumed $0.4 billion of net debt. 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.

Deirdre Connelly, President, North American Pharmaceuticals, GSK said, "The Stiefel acquisition demonstrates how we are implementing our strategy to grow and diversify our business through targeted acquisitions. We now have established a new world-leading, specialist dermatology business that will immediately generate new revenue flows to GSK."

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. This combined portfolio, together with our specialty sales force and GSK's global presence, positions GSK's dermatology business for significant growth."

Sales of Stiefel's products for 2008 were approximately $900 million and sales of GSK's prescription dermatology products were approximately $550 million. The combined pro forma revenues of approximately $1.5 billion, represent an 8% share of the global prescription dermatology market.

Stiefel is committed to improving and developing new treatments and has a robust development pipeline, with more than 15 projects in late-stage development across a wide variety of dermatological conditions, such as acne, dermatoses and fungal infection. The business unit also has access to significant innovative and proprietary formulation technologies.

GlaxoSmithKline -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.us-gsk.com

Cautionary statement regarding forward-looking statements

Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Factors that may affect GSK' s operations are described under 'Risk Factors' in the 'Business Review' in the company' s Annual Report on Form 20-F for 2008.

Trademarks

Brand names appearing in italics throughout this document are trademarks of GSK and Stiefel.


'/>"/>
SOURCE GlaxoSmithKline plc
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. GlaxoSmithKline and Stiefel to Create New World-Leading Specialist Dermatology Business
2. Shire and GlaxoSmithKline Enter Agreement to Co-promote VYVANSE(R) (lisdexamfetamine dimesylate) CII for the Treatment of Adults With ADHD
3. Human Genome Sciences to Receive $9 Million Milestone Payment Related to GlaxoSmithKline Initiation of Phase 3 Clinical Trial of Syncria(R) in Type 2 Diabetes
4. GlaxoSmithKline Reports Q4 and Year End Results 2008
5. GlaxoSmithKline Successfully Completes Tender Offer for Shares of Genelabs Technologies, Inc.
6. GlaxoSmithKline Reduces Minimum Tender Condition and Extends Tender Offer To Acquire Genelabs Technologies, Inc.
7. AUDIO from Medialink and GlaxoSmithKline: FDA Approves Boostrix for Adults
8. GlaxoSmithKline Extends Tender Offer for Genelabs Technologies, Inc.
9. BioWa Licenses POTELLIGENT(R) Technology to GlaxoSmithKline for Use in Antibody Development and Commercialization
10. GlaxoSmithKline Announces Waiver of a Condition to the Tender Offer for Genelabs Technologies, Inc.
11. GlaxoSmithKline Commences Tender Offer to Acquire Genelabs Technologies, Inc.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/20/2017)... ... July 20, 2017 , ... Crucial Data Solutions ... and study participants truly unified. TrialKit, a native mobile app, empowers investigators and ... research studies entirely on mobile devices. With TrialKit, clinical researchers can utilize Core ...
(Date:7/18/2017)... (PRWEB) , ... July 18, 2017 , ... ... today announced that Merck, a leading science and technology company, has implemented ... therapeutics for the therapeutic areas of Oncology, Immunology, and Neurodegenerative Diseases. , The ...
(Date:7/18/2017)... ... July 18, 2017 , ... Allotrope Foundation won the ... phase of the Allotrope Framework for commercial use. , The Bio-IT World Best ... only elevate the critical role of information technology in modern biomedical research, but ...
(Date:7/17/2017)... ... July 17, 2017 , ... The Academy of Model Aeronautics (AMA) will ... Aviation Day will take place from 9 a.m. to 2 p.m. at the International ... all ages. , Aviation Adventure Day will be packed with entertaining activities for the ...
Breaking Biology Technology:
(Date:3/30/2017)... , March 30, 2017 Trends, opportunities and ... and behavioral), by technology (fingerprint, AFIS, iris recognition, facial ... and others), by end use industry (government and law ... financial and banking, and others), and by region ( ... , Asia Pacific , and the ...
(Date:3/28/2017)... -- The report "Video Surveillance Market by ... Devices), Software (Video Analytics, VMS), and Service (VSaaS, Installation ... 2022", published by MarketsandMarkets, the market was valued at ... reach USD 75.64 Billion by 2022, at a CAGR ... considered for the study is 2016 and the forecast ...
(Date:3/24/2017)... MILAN , March 24, 2017 The Controller ... Deputy Controller Mr. Abdulla Algeen have received the prestigious international ... Continue Reading ... ... small picture) and Deputy Controller Abdulla Algeen (small picture on the right) ...
Breaking Biology News(10 mins):