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Company Statement: GlaxoSmithKline announces the purchase of Stiefel Laboratories

( April 20, 2009, 11:00 GMT | Official Statement) -- MLex Summary: GlaxoSmithKline has reached an agreement with Stiefel. The deal, valued up to $3.6 billion, will create a leading dermatology specialist pharmaceutical business.GlaxoSmithKline plc (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....

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