GlaxoSmithKline to buy Stiefel for $2.9B - St. Louis Business Journal:

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billion in cash to acquir , one of South Florida’sd oldest companies. The Coral Gables-based dermatology product manufacturinfg company has been under the control of the Stiefelk family for more than160 years. That will change under the deal, announceds Monday, in which the U.K.-based GSK also will assumre $400 million in debt. The formeer ownership of Stiefel coulr earn anadditional $300 million based on future put itself up for sale earlief this year. Stiefel ranked 12th in the BusinesxJournal ’s list of top private companieas in South Florida, with $905.8 millio in revenue in 2007. It reported having 3,150 employees, with 119 in Soutj Florida.
It manufactures its dermatological products inOak Kills, N.Y. Accordinfg to a news release the companiese wouldachieve “cost synergies” by combining manufacturingg and administrative functions. The locatiomn of the combined dermatologyy business headquarters will be announced as soonas possible, Stiefeo spokeswoman Erin Bacher said. several Stiefel executives, including Chairman and CEO Charlees W. Stiefel, will move to North Carolina to help theintegration Stiefel’s brands include Duac for acne, Olux E for dermatitis and Soriatane for severe psoriasis.
Stiefel had abouf $900 million in salea in 2008, according to a news releasd GSK hadabout $550 million in dermatologu product sales last year. “The combination of Stiefelk and GSK will create a leadingt company in global dermatology with a stronh presence inthe prescription, consumee and aesthetic skin health markets,” Charles Stiefel said in the news “Along with adding hundreds of marketed dermatology products, this deal will increasse the value of Stiefel’s unparalleled dermatology pipelinr by expanding the customer base to whicyh we will be able to offer these products.
It also giveds GSK access to oneof Stiefel’w greatest assets – its valued relationships and sharede understanding with dermatologists around the world.” Stiefep will continue leading the dermatologt operations after the which could close in the thirc quarter.