July 22, 2009 (FinancialWire) — GlaxoSmithKline plc (NYSE: GSK) said it has completed its acquisition of Stiefel Laboratories, Inc. The British drugmaker acquired the total share capital of Stiefel for $2.9 billion in cash. It also assumed $0.4 billion of net debt.

Under the terms of the agreement, GSK may be obligated to make additional cash payments of up to $0.3 billion depending on the future performance of the business.

The acquired business will operate as dermatology business unit within GSK under the name Stiefel, a GSK company.

North Carolina-based Stiefel posted 2008 of around $900 million, while sales of GSK’s prescription dermatology products were around $550 million, according to the company. GSK said that the combined pro forma revenues of around $1.5 billion, represent an 8% share of the global prescription dermatology market.

Stiefel has more than 15 projects in late-stage development across a range of dermatological conditions, such as acne, dermatoses and fungal infection.

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