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GlaxoSmithKline and Pfizer Announce Innovative Agreement to Create a New World-Leading, Specialist HIV Company
Date:4/16/2009

- Creates a new focused HIV business with the independence and sustainability to deliver significant improvements in treatment, access and shareholder value

- Renews focus on HIV with industry-leading pipeline to deliver more new HIV treatments

- Equity split of 85% GSK and 15% Pfizer

LONDON and PHILADELPHIA, April 16 /PRNewswire-FirstCall/ -- GlaxoSmithKline plc (NYSE: GSK) and Pfizer Inc (NYSE: PFE) today announced they have entered into an agreement to create a new world-leading HIV company focused solely on research, development and commercialisation of HIV medicines. The new HIV business will be more sustainable and broader in scope than either company's individually, and will hold a 19% share of the growing market and have an industry-leading pipeline. GSK will initially hold an 85% equity interest in the new company and Pfizer will hold 15%.

Andrew Witty, Chief Executive Officer, GSK said: "Today marks a definitive step by GSK to renew our focus and deliver more medicines, more efficiently, to people living with HIV/AIDS. 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. HIV remains a global threat with increasing incidence and viral resistance. This new company will be better placed to meet these challenges and improve access to treatments."

Jeff Kindler, Chief Executive Officer, Pfizer said: "By combining Pfizer's and GlaxoSmithKline's complementary strengths and capabilities, we are creating a new global leader in HIV and reaffirming our ongoing commitment to the treatment of the disease. With
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SOURCE GlaxoSmithKline plc
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