Shionogi completes purchase of Pfizer stake in GSK's ViiV Healthcare
GSK PLC and Shionogi & Co Ltd on Wednesday said the replacement of Pfizer Inc’s stake in the ViiV Healthcare Ltd joint venture with an equal investment by Shionogi has been completed.
The London-based pharmaceutical firm first announced Pfizer’s intention to withdraw from its ViiV investment back in January, when an agreement was reached for the New York-based pharmaceutical firm to be replaced by Shionogi.
Pfizer held a close to 12% stake in ViiV Healthcare, a London-based pharmaceutical venture specialising in HIV and AIDS treatment and prevention medicines development. It has a product portfolio of 15 prescription medicines aimed at the human immunodeficiency virus.
Following the agreement, Pfizer received $1.88 billion and had its ViiV shares cancelled, while ViiV issued new shares for $2.13 billion to Osaka, Japan-based Shionogi, which reached a 22% interest in ViiV.
GSK maintains its 78% majority interest in ViiV, and received a special dividend of £250 million as part of the change in shareholding.
Last October, the UK’s National Institute for Health & Care Excellence recommended ViiV’s cabotegravir, an HIV prevention injection, to be offered to those who are unable to take similar oral medicines.
GSK shares were up 2.9% to 2,123.00 pence each on Wednesday morning in London.
Shares in Shionogi closed up 4.6% to JP¥3,627.00 on Wednesday in Tokyo, while Pfizer shares closed up 1.1% to $28.08 on Tuesday in New York.
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