LONDON, April 2, 2026, 16:15 BST
GSK plc wrapped up changes to ViiV Healthcare’s ownership structure on April 1. After Pfizer’s exit from the HIV-focused joint venture, Japan’s Shionogi bumped its stake up to 21.7%. GSK remains the majority owner with 78.3%, the company said. 1
Timing is crucial here: ViiV is a core growth driver as GSK shifts focus toward specialty medicines. For 2025, GSK reported an 11% increase in HIV sales to 7.7 billion pounds, fueling a 17% jump in specialty medicines revenue. 2
ViiV handed $2.125 billion in new shares to Shionogi as part of the agreement, wiping out Pfizer’s stake. Pfizer pocketed $1.875 billion, while GSK collected a £250 million special dividend. Meanwhile, a U.S. filing showed the put option liability tied to the previous shareholder setup was removed once the deal closed. 3
Back in January, ViiV chair David Redfern called the deal a move to “simplify” the shareholder setup, aiming to sharpen the group’s push into long-acting HIV therapies and prevention drugs. Shionogi’s John Keller, a director, pointed to the bigger investment as proof the Japanese firm isn’t wavering in its HIV commitment. 4
The shift is turning up clearly in the figures. On GSK’s February results call, Deborah Waterhouse, who leads ViiV, pointed out that over 75% of HIV growth last year was driven by long-acting injectables. Cabenuva sales climbed 42%, and Apretude, their prevention shot, jumped 62%. 5
The battle isn’t letting up. ViiV’s Cabenuva has already faced Gilead Sciences’ daily Biktarvy in direct trials, and back in February, Gilead announced it was getting ready to file for approval of an experimental single-tablet regimen targeting patients with suppressed virus. 6
A ticking patent clock is driving the strategy. GSK’s core patent on dolutegravir—an HIV drug that’s among its biggest sellers—will run out in April 2028 in the U.S., and by mid-2029 in Europe. That’s pushing the company to move patients onto newer regimens ahead of an expected flood of generics. 6
Since stepping in as Chief Executive in January, Luke Miels has put the transition front and center. Back in February, he talked up the need for “smart business development” so GSK can speed up its push on new medicines. Jefferies analyst Michael Leuchten echoed that sentiment earlier this year, urging GSK to keep chasing those deals with HIV patent expiries getting closer. 7
Still, GSK’s HIV risk isn’t going away just because of the ownership reset. The drugmaker faces a ticking clock: scaling up newer long-acting regimens before patents expire. Plus, Gilead’s next generation of HIV drugs is coming, and GSK needs to defend its turf. 6
