GSK, Pfizer forming JV for HIV
GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) and Pfizer Inc. (NYSE:PFE) will form a JV to discover, develop and commercialize compounds to treat HIV. GSK initially will own 85% of the JV and Pfizer will own 15%, with an adjusting equity structure based on sales and regulatory milestones. The companies said that the deal will help GSK expand its marketed portfolio and will provide Pfizer's Selzentry/ Celsentri maraviroc and the company's pipeline with access to GSK's global HIV commercial organization.
The newco will have 11 marketed products, including Selzentry/Celsentri and GSK's Combivir lamivudine/zidovudine and Epzicom abacavir/lamivudine. The companies said the combined portfolio had 2008 sales of L1.6 billion ($2.4 billion). The JV will hold a 19% share of the market, according to the partners, and its pipeline will have six compounds, including four in Phase II testing. ...