ViiV ownership shifts as Pfizer sells its stake

Pfizer will relinquish its stake in ViiV Healthcare in a deal valued at just over $2.1 billion that ramps up Shionogi's interest and simplifies the shareholder structure of the HIV specialist.

Under the terms of the deal, GSK retains its majority position in ViiV, with a 78.3% stake, while Shionogi's share more than doubles to 21.7%, although it will retain just one seat on ViiV's board. Pfizer will pocket $1.875 billion with its exit, which is due to complete in the first quarter of this year, while GSK stands to receive a one-off dividend of $250 million.

"We are delighted to further deepen our strategic partnership with GSK and ViiV through this agreement, redoubling our commitment and participation in improving the lives of people living with or affected by HIV," said Shionogi's senior executive officer, John Keller, in a statement. Keller has been on the board of ViiV since 2012.

The ViiV joint venture, which was set up in 2009, has grown into a major contributor of revenues to GSK, with sales of its HIV therapies reaching a value of around £5.5 billion (around $7.4 billion) in the first nine months of 2025, out of total group sales of just over £24 billion, with just under £1 billion paid to Shionogi over the period.

GSK has said its ambition is to grow sales to more than £7 billion this year, although the company is facing strong competition from Gilead Sciences as both companies try to evolve HIV treatment from daily antiretroviral therapy (ART) to longer-acting injectable regimens that can be dosed just a few times per year.

ViiV and Gilead are going head-to-head in the market with two injectables for HIV pre-exposure prophylaxis (PrEP), for example, with ViiV's Apretude (cabotegravir), which offers dosing every other month, competing with Gilead's twice-yearly Yeztugo/Yeytuo (lenacapavir).

"This agreement simplifies ViiV's shareholder structure, and we look forward to continuing our highly successful collaboration with Shionogi to advance ViiV's pipeline and portfolio of long-acting injectable HIV treatment and prevention medicines," commented ViiV's chair, David Redfern.

"GSK would also like to thank Pfizer for its longstanding partnership in the development of ViiV since its establishment in 2009," he added.

For Pfizer, the exit provides a cash injection that could be used for business development as it contends with declining revenues from COVID-19 vaccines and patent expiries on blockbuster drugs like breast cancer therapy Ibrance (palbociclib) and Bristol Myers Squibb-partnered anticoagulant Eliquis (apixaban).

The group recently came under criticism from an activist investor for making poor choices in M&A, running an inefficient R&D organisation, and failing to meet sales targets since the pandemic.