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GSK to acquire Stiefel

20 Apr 2009

GlaxoSmithKline (GSK) has agreed a deal to purchase Stiefel Laboratories - worth up to $3.6 billion (£2.47 billion).

It is hoped the merger will create a new world-leading specialist dermatology business with revenues of approximately $1.5 billion.

GSK called the move a "significant step to grow and diversify" its business, saying it would provide "immediate new revenue and synergy opportunities".

Chief executive Andrew Witty explained mergers and acquisitions are part of GSK''s ongoing strategy for growth.

Stiefel chairman Charles W Stiefel explained his hope that the deal would allow the company to become a leader in its field, expanding its customer base.

The announcement comes on the same day as the GSK European launch of Orlistat 60mg - a clinically-proven over the counter weight loss aid.

It is the first time the European Commission has approved a non-prescription product for body composition control.

The medication will be available to adults with a body mass index of 28kg/m sq or more.