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

Business Unit, Europe, Pfizer
  • Zhi Hong, SVP and Head of Infectious Diseases CEDD, GSK
  • Abbas Hussain, President Emerging Markets, GSK
  • Duncan Learmouth, SVP Corporate Communications & Community Partnerships, GSK
  • Martin Mackay, President, Global Research & Development, Pfizer
  • Ian McCubbin, SVP Strategy, Logistics and External Supply, GSK
  • Ellen Strahlman, SVP and Chief Medical Officer, GSK

  • GSK and Pfizer have established an integration steering committee, with representatives from both companies to prepare for the operation of the new company upon the closing of the transaction. A head of R&D will be appointed to oversee all research and development activities. Manufacturing and other services will be provided by GSK and Pfizer.

    Financial details

    The combination is highly complementary and serves both companies strategically. For GSK, the transaction will expand its marketed portfolio, helping to reduce the impact of patent expiries to several of its HIV products in future years, and it will provide access to a broad range of new pipeline assets. For Pfizer, the collaboration will provide Selzentry/Celsentri and its pipeline assets with access to GSK's global HIV commercial organisation and HIV distribution network to better reach patients in need.

    Equity interests

    Upon completion of the transaction, GSK will hold an 85% equity interest in the new company and Pfizer will hold 15% reflecting the value of their currently marketed products. To reflect the potential future performance of their respective HIV pipeline products, GSK and Pfizer have agreed a structure for their equity interests to be adjusted in the event that specified sales and regulatory milestones are achieved.

    If all milestones were to be achieved, GSK's equity interest in th
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    SOURCE GlaxoSmithKline plc
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