Pfizer Exits ViiV Healthcare in $1.9B Deal, Shionogi Boosts Stake

Pfizer will exit ViiV Healthcare, the global HIV-focused drugmaker it co-founded with Britain’s GSK, in a $1.9 billion deal that reshapes the ownership of one of the sector’s most influential joint ventures. The transaction will see Japan’s Shionogi more than double its stake, while GSK retains majority control of the HIV specialist.

Under the agreement announced Tuesday, Shionogi will invest $2.13 billion in newly issued shares, raising its ownership in ViiV Healthcare to 21.7% from 10%. GSK will continue to hold a 78.3% majority stake. Pfizer, which owns 11.7% of the company, will receive $1.88 billion as ViiV cancels its shares, while GSK will receive a special dividend of $250 million.

The move comes as Pfizer braces for several challenging years ahead. In December one of the U.S. pharmaceutical giants warned that it would run out of growth by 2026 because it would run out of COVID-19 vaccine and treatment sales, achieve pricing commitments to the U.S. government, and expire patents on key medicines. Pfizer has claimed that it will not come back to increased revenue till 2029.

ViiV Healthcare Chair David Redfern said the deal simplifies the shareholder construct and would enable the firm to proceed with its partnership with Shionogi to develop long-acting injectable HIV treatment and prevention medicines.

ViiV Healthcare was founded in 2009 by GSK and Pfizer and Shionogi entered the company as a shareholder in 2012. John Keller, a director since 2012, will hold one seat on the ViiV board on behalf of Shionogi. The deal is also subject to regulatory approvals and is likely to be closed within the first quarter of 2026.