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.
Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GSK:
- GSK to acquire Rapt Therapeutics for $58.00 per share
- M&A News: GSK Bets Big on Food Allergy Drugs with $2.2B RAPT Therapeutics Deal
- GSK price target raised to 1,675 GBp from 1,600 GBp at Deutsche Bank
- Trump Trade: White House releases details on ‘Great Healthcare Plan’
- Drugmakers concerned about legal risk with FDA review program, Reuters reports