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Reuters reported on Jan. 20 that Britain’s GSK and Japan’s Shionogi said Pfizer Inc. (NYSE:PFE) will exit their HIV-focused joint venture, ViiV Healthcare. The transaction values Pfizer’s exit at around $1.9 billion and significantly increases Shionogi’s stake in the business.
Under the deal, Shionogi will pay $2.13 billion for newly issued shares, raising its ownership in ViiV Healthcare from 10% to 21.7%. GSK will continue to control the company, maintaining its majority stake of 78.3%.
Pfizer will receive $1.88 billion for its 11.7% stake. Meanwhile, GSK will receive a special dividend of $250 million when ViiV cancels Pfizer shares. GSK originally formed ViiV Healthcare with Pfizer in 2009, and Shionogi joined the company in 2012.
The companies said the deal is subject to regulatory approvals and is expected to close in the first quarter of 2026. Pfizer’s exit comes as the company prepares for a tougher stretch. In December, it warned that the next few years could be difficult, starting in 2026, pointing to weaker sales of its COVID vaccine and treatment, price cuts promised to the US government and the loss of patent protection for several key drugs. Pfizer does not expect to return to revenue growth until 2029.
In a separate Reuters report, Pfizer CEO Albert Bourla said on Jan. 12 that the company is preparing for a consumer-driven obesity drug market that could rival the surge it experienced after the launch of Viagra in 1998. Bourla said that even during talks to acquire weight-loss drug maker Metsera, announced in September 2025, Pfizer did not expect the cash-based obesity market, now led by Eli Lilly and Novo Nordisk, grew so quickly.
Pfizer developed and sold Viagra for years before spinning off the business that controls the brand in 2020. The drug is now primarily sold in generic form.
Pfizer Inc. (NYSE:PFE) is a research-based global biopharmaceutical company focused on the discovery, development and commercialization of medicines worldwide.
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