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GlaxoSmithKline and Stiefel to Create New World-Leading Specialist Dermatology Business
Date:4/20/2009

Stiefel, the world's largest independent dermatology company, acquired by GSK in deal valued at up to $3.6 billion

New global business will have combined revenues of approximately $1.5 billion and robust new product pipeline

Significant step forward to grow and diversify GSK's business, providing immediate new revenue and synergy opportunities

LONDON, April 20 /PRNewswire-FirstCall/ -- GlaxoSmithKline plc (NYSE: GSK) and Stiefel Laboratories Inc. today announced that they have signed an agreement to create a new world-leading specialist dermatology business. Under the terms of the agreement GSK will acquire the total share capital of Stiefel for a cash consideration of $2.9 billion. GSK also expects to assume $0.4 billion of net debt upon closing. A potential further $0.3 billion cash payment is contingent on future performance. GSK's existing prescription dermatological products will be combined with Stiefel's and the new specialist global business will operate under the Stiefel identity within the GSK Group.

Andrew Witty, Chief Executive Officer of GSK, said, "As part of our strategy to grow and diversify GSK's business, we are continuing to make new investments through targeted acquisitions. 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."

Charles W. Stiefel, Chairman and Chief Executive Officer of Stiefel, said, "The combination of Stiefel and GSK will create a leading comp
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SOURCE GlaxoSmithKline plc
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