The Stiefel family, owners of the world's largest independent dermatology company, has sold up to pharmaceutical giant GSK in deal valued at up to $3.6 billion.
Under the terms of the agreement GSK will acquire the total share capital of Stiefel for a cash consideration of $2.9 billion plus $0.4 billion of net debt. 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.
"The combination of Stiefel and GSK will create a leading company in global dermatology with a strong presence in the prescription, consumer and aesthetic skin health markets," said Charles W Stiefel, chairman and CEO, who will lead the new business after the close of the deal.
The transaction has been approved by the Stiefel stockholders, but it is not clear whether there will be a role for other family members, including Brent Stiefel (pictured), Charles son, who served as vice president for corporate development and brother Todd, vice president of global strategy.
Stiefel is a sixth generation family business based in Florida. It had sales of $900 million in 2008.