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GSK and Pfizer to create HIV company

GSK and Pfizer have entered into an agreement to form a new company focusing on research, development and commercialisation of HIV medicines

GlaxoSmithKline (GSK) and Pfizer have entered into an agreement to form a new company focusing on research, development and commercialisation of HIV medicines.

The new business, which will hold a 19 per cent market share, will initially see GSK with 85 per cent and Pfizer 15 per cent equity shares. The two companies have agreed a deal to adjust this split in either direction based on milestones being achieved.

Jeff Kindler, CEO of Pfizer said: "With the strength of the companies' current HIV products, as well as the complementary fit of Pfizer's HIV pipeline and GSK's global distribution capabilities, the new company is well positioned to bring new and improved medicines to patients with more speed and efficiency. The new company can reach more patients and accomplish much more for the treatment of HIV globally than either company on its own."

Market-leading therapies such as GSK's Combivir and Kivexa and Pfizer's Celsentri make up part of the company's 11-strong marketed product portfolio which generated combined sales of around £1.6bn in 2008.

The combined development pipeline consists of six medicines, four of which are in phase 2 development.

GSK's current senior vice president and head of personalised medicine strategy, Dominique Limet, will take the role of chief executive officer designate of the new company and will be a board member.

16th April 2009

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