Business Times

GSK completes acquisition of Stiefel in Sri Lanka

GlaxoSmithKline (GSK) said this week the transition of the business of Stiefel Laboratories in Sri Lanka to GSK consequent to the global acquisition by GSK of Stiefel was successfully completed last month.
The acquisition combines GSK’s prescription dermatology products with Stiefel’s portfolio, creating a specialist dermatology business with revenues of US$ 1.5 billion and an 8 per cent share of the global prescription dermatology market, the company said in a statement.

In Sri Lanka, the union of the two largest players in dermatology gives GSK a market share of 23 per cent in this segment, and enables the company to enhance the scope of the derma care it provides patients, GSK Sri Lanka Managing Director Stuart Chapman was quoted as saying.

“GSK now has the opportunity to develop therapeutic areas such as acne and fungal infections, in addition to its traditional strengths in dermatology,” Mr. Chapman said. “With this acquisition, GSK would seek to be a key player in cosmetic dermatology, which is emerging as an important area of focus.”
The new dermatology business unit which is globally known as ‘Stiefel, A GSK Company’ is committed to improve and develop new treatments. It comprises of a strong development pipeline with more than 15 projects in late-stage development across a wide variety of dermatological conditions such as acne, dermatoses and fungal infections, the statement said.

Commenting on the new partnership, he said: “The new partnership will enable us to offer a better service to patients in Sri Lanka. We will continue to deliver the same superior products and high level of customer focus that they have come to trust and value from the Stiefel name.”

Mr Chapman noted that GSK has one of the most expansive and valued dermatology product portfolios in the industry and one of the most promising dermatology pipelines in the world. “This partnership allows the Stiefel Company to be backed by the power of GSK and significantly expand its presence and potential as the leading dermatology company in the world,” he added.

Stiefel Laboratories, the largest independent dermatology company in the world, has more than 30 wholly-owned subsidiaries, six manufacturing plants and a global research and development network.

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