U.S. pharmaceutical giant Pfizer has agreed to divest its entire interest in ViiV Healthcare, a global specialist in HIV treatment, to its long-term partners. The move serves as a strategic capital infusion as Pfizer navigates a projected revenue downturn heading into 2026.
Transaction details and new ownership structure Under the terms of the agreement, Pfizer will surrender its 11.7% economic interest for approximately $1.9 billion. Japan-based Shionogi is set to pay $2.1 billion to acquire these shares, effectively doubling its stake in the joint venture from 10% to 21.7%.
Upon completion of the deal—expected within the first quarter of 2026—the ownership landscape will shift:
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GSK: Remains the majority owner with a steady 78.3% stake.
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Shionogi: Increases its participation to 21.7%.
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Special Dividend: As part of the restructuring, GSK will receive a one-time special dividend of $250 million.
Strategic drivers and market outlook Pfizer’s exit follows a conservative 2026 financial guidance, where the company anticipates revenue to dip to a midpoint of $61 billion. This decline is attributed to a projected $1.5 billion drop in COVID-19 product sales and an equivalent hit from patent expirations on other key medications. Selling the ViiV stake provides immediate liquidity during this transitional “post-pandemic” period.
For GSK and Shionogi, the simplified shareholder structure reinforces their long-term collaboration. The duo aims to further advance ViiV’s portfolio of long-acting injectables for HIV prevention and treatment, a sector that generated over $9 billion in sales last year and remains a critical battlefield against market leader Gilead Sciences.