GSK gets EU clearance to buy Stiefel Laboratories

BRUSSELS, July 17 (Reuters) - British drugmaker GlaxoSmithKline PLC (GSK.L) won approval from the European Commission on Friday to acquire U.S. skincare company Stiefel Laboratories [SFLAB.UL] in a deal worth as much as $3.6 billion.

The transaction would not significantly impede effective competition in Europe, the executive arm of the 27-country European Union said in a statement.

It said its investigation had shown that overlaps between GSK and Stiefel were limited to a number of products in the dermatological sector.

"For these products, the combined firm would continue to face several strong, effective competitors with significant market shares," the EU executive said.

Glaxo said in April it planned to buy Stiefel, the world's biggest independent dermatology company, partly owned by buyout firm Blackstone Group (BX.N).

GSK, the world's second-largest drugmaker, won U.S. antitrust approval in June to buy the privately held skincare company in a move that would permit it to diversify by adding treatments for acne, dermatitis and other skin problems.

The purchase will nearly treble the size of Glaxo's skincare business, giving it an 8 percent share of the global prescription dermatology market.

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