Reuters UK – GlaxoSmithKline Plc, the world’s second-largest drugmaker, has agreed to buy privately owned U.S. skincare specialist Stiefel Laboratories Inc for up to $3.6 billion, the two companies said on Monday.

The acquisition is the latest in a string of deals in the drugs sector, but is significantly smaller than recent mega-mergers, reflecting the British-based group’s declared focus on bolt-on buys to diversify its business.

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Reuters UK – JPMorgan Europe Dynamic fund favours defensive drugmakers and non-life insurers and has no plans to move into cyclicals until company newsflow, employment and money supply improve.

John Baker, portfolio manager of the 260 million euro (233.52 million pounds) fund, told Reuters his portfolio was invested in stocks with good newsflow and was mainly defensively positioned.

Baker favours GlaxoSmithKline which has taken a lot of cost out of its business and whose operating margins are improving, surprising the analyst community positively, he said.

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Tags: analyst community, cyclicals, dynamic-fund, europe, glaxosmithkline, john baker, jpmorgan, life-insurers, money supply, operating margins, portfolio-manager, reuters, stocks