GlaxoSmithKline has agreed to acquire Stiefel Laboratories, the Florida-based dermatology business, for US$2.9 B in cash and is assuming US$400 M of Stiefel’s net debt. A further US$300 M is payable depending on Stiefel’s future performance. GSK has insisted it will not succumb to any mega-mergers but rather grow its business through smaller bolt-on acquisitions. The deal also confirms the company's strategy in expanding its consumer business.