GSK closes on $2.9 billion acquisition of Stiefel Laboratories
Stiefel Laboratories, which operates a research and development operation in RTP, is officially part of GlaxoSmithKline.
GSK (NYSE: GSK) said Wednesday that it had closed on the Stiefel deal, paying $2.9 billion in cash and assuming $400 million in debt. Stiefel focuses on dermatology products.
Another $300 million could be paid to Stiefel shareholders if certain financial goals are met.
“As part of GSK, we are stronger, more competitive and continue to be a driving force in dermatology around the world,” said Stiefel Chairman Charles Stiefel. The company was founded and owned by the Stiefel family.
The deal was announced in April and approved by the U.S. Federal Trade Commission in June.
Stiefel, which had been privately held and is based in Florida, will operate as Stiefel, a GSK company.
The deal means an even larger N.C. presence for GSK. Its U.S. headquarters are located in RTP, and the company employs several thousand people in the area.
Stiefel reported sales of some $800 million in 2008. GSK made another $550 million in prescription only dermatology product sales.
“The Stiefel acquisition demonstrates how we are implementing our strategy to grow and diversify our business through targeted acquisitions,” said Dierdre Connelly, president of North American Pharmaceuticals for GSK. “We now have established a new world-leading, specialist dermatology business that will immediately generate new revenue flows to GSK.”
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