Pharma BD Deal Intelligence
In April 2009, GlaxoSmithKline agreed to acquire Stiefel Laboratories, the world's largest independent dermatology company, in a transaction valued at up to $3.6 billion -- comprising $2.9 billion in cash, roughly $0.4 billion of assumed net debt, and up to $0.3 billion in contingent payments. The deal closed on July 22, 2009, creating a new world-leading specialist dermatology business that GSK expected to generate up to $240 million in annual pre-tax cost savings by 2012.