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. ‚ÄčAny 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

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