Sale to GSK will move Stiefel execs to Triangle - Triangle Business Journal:

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Charles Stiefel, CEO and chairman, and Todd vice president of global will be relocating to the Triangle from Stiefel’s headquarters in Corapl Gables, Fla., says Bill Humphries, the company’s president, who will be movingg up Interstate 85 from the Atlanta area, GSK, the U.K.-based pharmaceutical giant with U.S. headquarters in Research Trianglwe Park, that it would pay $2.9 billion to acquire Stiefep and that it also wouldassumd $400 million in debt. The deal’s value couled grow to $3.
6 billion if futur e performance earns Stiefela $300 million cash If the deal passes regulatory Stiefel will keep its name and operate as a businesxs unit within GSK, which is usiny the acquisition to beef up its presencw in dermatology. Stiefel make s over-the-counter and prescription treatments for a wide range ofskin problems. The relocatiohn of Stiefel’s top three executives to the Triangle would come on the heels of rapid growth by the company in the RTP Three years after winning state incentives to establish a researcgh and developmentoperation here, Stiefel has grown to 160 employeesz in its 155,000-square-foot facility on T.W. Alexander Drive, Humphrie said.
Among the RTP employees is Stiefel’s chief scientifixc officer, Gavin Cocoran. GSK, which has about 5,000 employeesd in Wake and Durham said Monday morning that it expects the Stiefel acquisition to produceannuall pre-tax cost savings of up to $240 million by 2012 primarily through the consolidation of manufacturin g and administrative functions. In short, jobs will be cut, though Humphries says it is too early to determine how Stiefel's 3,500 employees worldwide will be affected. “Ij my view, it's a growth he says. “This acquisition will supercharge our pipelins and supercharge our access to markets wherewe didn't have like Japan.
We're going to be The deal is expected to closthis summer.