Report: GlaxoSmithKline moves toward an IPO for its HIV business

GlaxoSmithKline ($GSK) has hired a trio of banks to help it orchestrate a spinoff for the HIV-focused venture it majority-owns, Reuters reports, part of a companywide reorganization effort. Citing sources close to the company, Reuters says Citi, Goldman Sachs and Morgan Stanley are on board to help explore an IPO for ViiV Healthcare, a joint venture between GSK, Pfizer ($PFE) and Japan's Shionogi. ​Any public offering would consist solely of GSK's stake in the joint venture, the company has said, and ViiV's other owners would have the option of whether to contribute. GSK first hinted at the move late last year, with CEO Andrew Witty noting that ViiV, now entering the commercialization phase with its antiviral pipeline, might benefit from access to public markets. At the same time, GSK is rolling out a company-wide reorganization, looking to carve £1 billion ($1.6 billion) out of its annual budget, cutting more than 900 jobs and curtailing its R&D budget. More

Free Webinar

From Patient Adherence to Manufacturing Ease - Why Softgels Make Sense for Rx

Join Thermo Fisher Scientific’s upcoming webinar to learn why softgels offer numerous benefits for Rx drug development, including enhanced bioavailability, patient compliance and easy scale-up. Register Today.

Suggested Articles

Polyphor is developing an inhaled version of murepavadin, which targets Pseudomonas aeruginosa infections, but is currently given intravenously.

Japanese pharma Astellas is looking to offload a series of unwanted research projects ahead of Thanksgiving; if you want one, it’s made it very easy.

A re-engineered adenovirus prolonged survival in mouse models of metastatic lung cancer and cleared tumors in about 35% of the animals.