GlaxoSmithKline has the acquired privately-owned US skincare group Stiefel Laboratories in a deal worth £2.5bn.

The deal creates a dermatology business with combined sales of £1bn, trebling the size of GSK’s existing skincare arm. The combined business will have a global market share of around 8%.

The company will retain the Stiefel brand and still be run by current chief executive and chairman Charles Stiefel.

Last year the brand achieved sales of £618m compared to sales of £377.8m for GSK’s skincare division.

“This transaction will create a new world-leading specialist dermatology business and re-energise our existing dermatology products,” Glaxo chief Andrew Witty told the Daily Mail.