GSK close to acquiring Stiefel Lab for $3 billion
20 Apr 2009
GlaxoSmithKline is close to a deal to acquire Stiefel Laboratories Inc, a US maker of skin care pharmaceutical products, for about $3 billion, reported the Wall Street Journal on Sunday. The two companies are still discussing the terms of an agreement.
The deal for the closely-held pharmaceutical firm, which is part-owned by US buyout firm Blackstone Group LP, is expected to be announced today.
Stiefel claims to be the largest independent dermatology company in the world, with annual revenue of about $1 billion.
The transaction would boost the dermatology exposure of GlaxoSmithKline, whose current products range from vaccines and tuberculosis treatments to Aquafresh toothpaste and Tums antacids.
Stiefel drew interest from a number of major global drug companies, including Novartis, and Johnson & Johnson, after it was put up for sale earlier this year. (See: J&J, GSK, Novartis eye world's top dermatologist Stiefel).
Stiefel, which makes anti-itch creams, acne treatments and other products, has been controlled for more than 160 years by the founding Stiefel family. Blackstone invested $500 million in Stiefel in 2007.
Stiefel specialises in dermatological products, such as anti-itch creams and acne treatments, said to be to expecting $3 billion to $4 billion, the Wall Street Journal reported yesterday.
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