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

any in global dermatology with a strong presence in the prescription, consumer and aesthetic skin health markets. Along with adding hundreds of marketed dermatology products, this deal will increase the value of Stiefel's unparalleled dermatology pipeline by expanding the customer base to which we will be able to offer these products. It also gives GSK access to one of Stiefel's greatest assets - its valued relationships and shared understanding with dermatologists around the world."

New world-leading specialist dermatology business

The new business will have a broad portfolio of dermatology products including Stiefel's leading brands: Duac, for acne, Olux E for dermatitis and Soriatane for the treatment of severe psoriasis. GSK's key dermatology brands include: Bactroban, Cutivate and recently launched Altabax.

Combined pro forma revenues for the calendar year ended 2008 were approximately $1.5 billion, representing an 8% share of the global prescription dermatology market. Sales of Stiefel's products for the calendar year ended 2008 were approximately $900 million. Sales of GSK's prescription dermatology products were approximately $550 million.

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

Charles Stiefel will continue in the role of CEO and Chairman of the Board of Stiefel until closure of the transaction and he will lead the new business thereafter.

Financial details

The formation of the new business will provide significant opportunities for both sales and cost synergies. Stiefel's products will benefit from GSK's globa
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SOURCE GlaxoSmithKline plc
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