GSK, Shionogi reach agreement with Pfizer for interest in ViiV Healthcare

GSK (GSK) and Shionogi & Co announced that they have reached agreement together with Pfizer (PFE) for the 11.7% economic interest in ViiV Healthcare Limited currently held by Pfizer to be replaced with an investment by Shionogi. As a result of this transaction, Shionogi will increase its economic interest in ViiV Healthcare to 21.7%. GSK will maintain its 78.3% majority owned economic interest. Shionogi will continue to have one Director position on the ViiV Healthcare Board, and will be represented by Dr John Keller who has been a Director of ViiV Healthcare since 2012. Under the terms of the agreement, ViiV Healthcare will issue new shares to Shionogi for consideration of $2.125 bn and cancel Pfizer’s holding in ViiV Healthcare. Pfizer will receive $1.875 bn and GSK will receive a special dividend of $0.250 bn.