Issue Date: April 20, 2009
GSK And Pfizer To Form Company Focused On HIV
Pfizer and GlaxoSmithKline have agreed to pool their products and R&D to create a new company focused entirely on HIV. The partners believe a single business will be more sustainable than either company's individual effort. "At the core of this specialist business is a broad portfolio of products and pipeline assets, which can be more effectively leveraged through the new company's strong revenue base and dedicated research capability," GSK CEO Andrew Witty says. With 11 marketed products that generated sales of about $2.4 billion in 2008, the new company will hold a 19% share of the HIV therapy market. On the basis of sales split between their current products, GSK will own 85% of the new business and Pfizer, the remaining 15%. Another six compounds are in development, four of which are in Phase II clinical trials. The new company will contract R&D services from GSK and Pfizer and invest in discovery research conducted by the two parents. Access to HIV medicines in developing countries and not-for-profit pricing will continue under the new organization, the firms say, as will community programs targeting prevention, education, and treatment. GSK Senior Vice President Dominique Limet has been named CEO.
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