Pfizer will exit ViiV Healthcare through a transaction valued at approximately USD 1.9 billion, leading to a major change in the ownership structure of the HIV-focused pharmaceutical company. The deal represents a restructuring of the joint venture and will leave ViiV Healthcare with two shareholders, GSK plc and Shionogi & Co., following Pfizer’s full withdrawal.

Under the terms of the transaction, Shionogi & Co. will invest around USD 2.13 billion in newly issued shares of ViiV Healthcare. This investment will increase Shionogi’s economic stake in the company to 21.7%, up from its earlier holding of 10%. The additional investment reflects a deeper financial commitment to the HIV specialist company and its long-term operations.

Following completion of the deal, GSK plc will retain its majority ownership of 78.3% in ViiV Healthcare, maintaining full control of the business. GSK has been the controlling partner in the joint venture and will continue to lead its strategic direction, commercial operations, and development activities after the transaction.

As part of the same agreement, Pfizer will sell its entire 11.7% stake in ViiV Healthcare back to the company for approximately USD 1.88 billion. These shares will be cancelled after the transaction is completed, effectively removing Pfizer as a shareholder. In connection with the share cancellation, GSK will receive a one-time special dividend of USD 250 million.

The transaction simplifies ViiV Healthcare’s shareholder structure, leaving the company jointly owned by GSK and Shionogi. The revised ownership is expected to streamline governance and clarify long-term capital commitments, with both remaining partners holding defined economic stakes in the business.

ViiV Healthcare is a specialist pharmaceutical company focused exclusively on HIV treatment and prevention medicines. Its portfolio includes oral and long-acting therapies designed to improve treatment adherence and patient outcomes. The company continues to invest in expanding access to HIV medicines and advancing new treatment options in the global market.

The deal is subject to customary regulatory approvals and closing conditions and is expected to be completed in the first quarter of 2026. Once finalised, Pfizer will have fully exited the HIV joint venture, while Shionogi will significantly increase its exposure to the HIV therapeutics segment, and GSK will continue as the majority owner.

The ownership restructuring marks a significant milestone in ViiV Healthcare’s evolution as a focused HIV medicines company, with a simplified shareholder base and clearly defined partner roles going forward.

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