GSK and Pfizer "Agreement" Creates Specialist HIV Company
Thu, 04/16/2009 - 4:35am
GlaxoSmithKline and Pfizer today announced an "innovative agreement" to pooltheir HIV assets creating a new world-leading, specialist HIV company.The deal will see the drug giants combine their existing HIV product andtheir pipelines with GSK holding 85% of the company and Pfizer 15%.The deal will be marginally dilutive to GSK earnings in the first twoyears but in a video interview Group CEO Andrew Witty said there were longerterm benefits for GSK shareholders. "Today we own 100 per cent of a pipeline with three assets in it.Tomorrow we'll own 85 per cent of a pipeline with somewhere between five andseven assets in it." The GSK boss said he was also committed to maximising the cost savingsfrom the combination.