GSK completes acquisition of Stiefel
LONDON A drug maker has announced it has completed the acquisition of a company specializing in skin care.
GlaxoSmithKline announced that it has completed its acquisition of Stiefel Labs. GSK has acquired the total share capital of Stiefel for a cash consideration of $2.9 billion. GSK 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 new dermatology business unit within GSK will operate under the name Stiefel, a GSK company.
“The Stiefel acquisition demonstrates how we are implementing our strategy to grow and diversify our business through targeted acquisitions,” Deirdre Connelly, president North American Pharmaceuticals at GSK. “We now have established a new world-leading, specialist dermatology business that will immediately generate new revenue flows to GSK.”
Charles Stiefel, Chairman of Stiefel, said, “As part of GSK, we are stronger, more competitive and continue to be a driving force in dermatology around the world. We are excited to combine GSK’s prescription dermatology products, such as Bactroban, Cutivate and Altabax, with Stiefel’s portfolio, including brands such as Duac, Olux E and Soriatane. This combined portfolio, together with our specialty sales force and GSK’s global presence, positions GSK’s dermatology business for significant growth.”
Sales of Stiefel’s products for 2008 were approximately $900 million and sales of GSK’s prescription dermatology products were approximately $550 million. The combined pro forma revenues of approximately $1.5 billion, represent an 8% share of the global prescription dermatology market.
Stiefel is committed to improving and developing new treatments and has a robust development pipeline, with more than 15 projects in late-stage development across a wide variety of such dermatological conditions as acne, dermatoses and fungal infection. The business unit also has access to significant innovative and proprietary formulation technologies.
Sullivan University welcomes first class of pharmacy students
LOUISVILLE, Ky. Sullivan University’s College of Pharmacy welcomes its inaugural class of 74 doctor of pharmacy candidates Friday in a ceremony at Crowne Plaza Louisville Airport Hotel, the university announced.
Founding dean Hieu Tran will address the event, along with the university’s chancellor and president. Humana vice president for pharmacy and clinical integration William Fleming will deliver the keynote speech. Walmart Stores is sponsoring the ceremony, which begins at 5 p.m.
“The White Coat Ceremony represents a symbol of responsibility that students will carry throughout their professional life at the service and care for their patients and those in need,” Tran said in a statement.
The class will graduate in 2011.
Maricopa County offers employees onsite health center, pharmacy
PHOENIX Worksite clinics continue to grow in popularity as employers look for ways to curb soaring healthcare costs and instill a renewed focus on employee productivity. Recognizing the benefits such clinics provide, Maricopa County has become the first employer in Arizona to offer an integrated onsite pharmacy and health center through a partnership with Take Care Health Systems.
The new Take Care Health Center and Walgreens pharmacy, located at the downtown County Administration Building, will serve the county’s 12,500 employees and their dependents.
A ribbon cutting ceremony is slated for Jan. 13 in the County Administration Building. Several county officials will be on hand to discuss to the importance of the worksite clinic and pharmacy and its benefit to Maricopa County.
“Any time, but especially during these difficult economic times, it is vitally important for Maricopa County to improve employee health and lower expenses for the county and its employees,” said Mike Schaiberger, director of employee health initiatives and administrator of innovation for Maricopa County. “We expect the integrated Walgreens pharmacy and Take Care Health Center to reduce county costs by $575,000 while improving the health, satisfaction and productivity of our employees.”
The center, which will be staffed by a nurse practitioner who will provide treatment for acute, episodic conditions and administer vaccinations, and the pharmacy will be open Monday through Friday.
“Maricopa County recognizes the benefits a comprehensive onsite health care and pharmacy program can provide to employees, offering both convenience and cost savings,” said Peter Hotz, Walgreens divisional VP and president of Take Care Health Employer Solutions. “We look forward to addressing the county’s health care and pharmaceutical needs while helping to reduce costs and increase employee productivity and satisfaction.”
The county has worked with Walgreens Health Initiatives for more than six years to deliver pharmacy benefit management and other healthcare services to county employees and dependents.
The ideal client for a worksite clinic is an employer with 1,000 or more employees at a site, and, as reported in a recent issue of Drug Store News magazine, industry sources suggest that the market could bear as many as 5,000 worksite clinics.
“We are certainly less than 10 percent of the market right now and if we are the biggest that means there is a heck of a lot of market still left to go in terms of the traditional worksite model,” Hotz told Drug Store News during an interview in fall 2008. Take Care Employer Solutions is the division of Walgreens’ Take Care Health Systems that operates well over 300 worksite clinics.
Also representing an opportunity are those smaller employers who opt to team up to form coalitions to establish and share a facility.
A recent study by global consulting firm Watson Wyatt found that nearly one-third (29 percent) of companies have or plan to have an onsite health center by 2009, up from 27 percent in 2006. A separate Watson Wyatt study of 84 companies with onsite healthcare centers found that reducing medical costs was the chief reason 70 percent of companies have opened a center since 2000 (recent adopters).