Pfizer Exits ViiV Healthcare in $1.9 Billion Shareholding Deal

In a significant shift within the global pharmaceutical landscape, GSK plc, Pfizer Inc., and Shionogi & Co., Ltd. have reached an agreement to restructure the ownership of ViiV Healthcare, the specialist company dedicated to HIV medicines and research.

Under the terms of the deal announced on Tuesday, Pfizer will sell its entire 11.7% economic interest in ViiV Healthcare, effectively ending its ownership in the joint venture it helped establish in 2009. The transaction will see the Japanese pharmaceutical company Shionogi acquire the vacated stake, more than doubling its interest in ViiV from roughly 10% to 21.7%.

To facilitate the transfer, ViiV Healthcare will issue new shares to Shionogi for a total consideration of $2.125 billion. From these funds, Pfizer is set to receive $1.875 billion. Meanwhile, GSK, which will retain its controlling 78.3% majority stake in the company, will receive a special dividend of £250 million (approximately $250 million).

David Redfern, Chair of ViiV Healthcare, stated that the agreement "simplifies ViiV’s shareholder structure" and allows the company to continue its collaboration with Shionogi, particularly in advancing long-acting injectable treatments for HIV.

For Pfizer, the exit comes amid a period of financial recalibration. The U.S. drugmaker has previously warned of "bumpy" years ahead due to declining COVID-19 product sales and looming patent expirations, with revenue growth not expected to return until 2029.

Conversely, Shionogi is deepening its commitment to infectious disease research. John Keller, a Shionogi representative and ViiV board member, highlighted that HIV remains a primary focus for the company, citing their role in discovering key integrase inhibitors used in ViiV’s pipeline.

The transaction is subject to regulatory clearances in relevant markets. The companies expect the deal to close during the first quarter of 2026. Upon completion, GSK will extinguish the liability associated with the Pfizer put option through retained earnings.

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🔖 Sources

Pfizer to exit ViiV Healthcare in $1.9 billion deal as Shionogi doubles stake

GSK to retain majority stake in ViiV Healthcare as Pfizer exits and Shionogi increases share

GSK, PFIZER AND SHIONOGI AGREE ON CHANGES TO ViiV HEALTHCARE SHAREHOLDING 

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Keywords: Pfizer Exits ViiV Healthcare

Pfizer Exits ViiV Healthcare

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