GlaxoSmithKline Plc, the world’s second-largest drugmaker, has agreed to buy privately owned U.S. skincare specialist Stiefel Laboratories for up to $3.6 billion, the two companies said on Monday.
The acquisition is the latest in a string of deals in the drugs sector, but is significantly smaller than recent mega-mergers, reflecting British-based Glaxo’s (GSK) declared focus on bolt-on buys to diversify its business.
Stiefel, part-owned by buyout firm Blackstone Group (BX), is the world’s largest independent dermatology company, with a range of prescription and over-the-counter products faxless payday loans.
It was put up for sale a month ago and attracted interest from a number of large pharmaceutical companies, including Novartis AG (NVS), Sanofi-Aventis SA (SNY) and Johnson & Johnson (JNJ, Fortune 500), according to people familiar with the matter.
The 160-year-old Stiefel is a maker of anti-itch creams, acne treatments and other skin treatments.
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