Shionogi Expands ViiV Healthcare Stake by $2.13bn as Pfizer Sells Up
- Shionogi Investment: $2.13bn
- Shionogi New Stake: 21.7%
- Pfizer Proceeds: $1.89bn
- Pfizer Exit Stake: 11.7%
- GSK Retained Stake: 78.3%
ViiV Healthcare, which was established in a joint venture by GSK and Pfizer in 2009, will issue new shares to Shionogi for $2.13bn. The deal means Shionogi, which joined as shareholder in 2012, will increase its economic interest in ViiV Healthcare to 21.7%.
The share issuance comes as Pfizer exits its 11.7% stake in ViiV Healthcare, marking an end to its involvement with the company. Pfizer will receive $1.89bn and GSK, which retains its 78.3% majority stake in ViiV Healthcare, will receive a special dividend of $250m.
Following the news, shares in Tokyo-listed Shionogi rose 2.8% to Y2925 ($18.53) at market open on 20 January compared to market close of Y2840.5 on 19 January.
Strategic Portfolio: Long-Acting Therapies
ViiV Healthcare was established to combine resources to fight the global HIV pandemic. Both drugmakers transferred respective HIV assets to the company, which included Epzicom/Kivexa (abacavir sulfate+lamivudine) and Selzentry/Celsentri (maraviroc).
ViiV Healthcare’s current product portfolio consists of 15 prescription HIV medicines, with four candidates in clinical trials. The company is particularly seeking to develop ultra long-acting therapies for treatment and prevention or long-acting injectables that could be self-administered.
This follows in a similar vein to Gilead’s Yeztugo (lenacapavir), the first and only biannual pre-exposure prophylaxis (PrEP) that won approval in the US and Europe in 2025.
— David Redfern, Chair of ViiV Healthcare
Market Outlook and Competitive Landscape
The current state of the HIV space is heavily dominated by Gilead Sciences, especially since it announced data from the Phase III trial of its twice yearly PrEP medication Yeztugo. In Phase III trials, the drug showed near perfect efficacy, preventing nearly 100% of HIV cases in patients who received the study drug.
Forecasts by GlobalData indicate the HIV market across the seven major markets (7MM: US, France, Germany, Italy, Spain, the UK, and Japan) is forecast to grow at a compound annual growth rate (CAGR) of 1.9% from $26.5bn in 2023 to $32.1bn in 2033.
Global Funding Context
In 2025, the World Health Organization (WHO) called for access expansion to newly approved human immunodeficiency virus (HIV) medication amid global funding cuts. A major hit to global HIV treatment efforts came in 2025 when President Donald Trump cut a large amount of funding for foreign aid. This impacted HIV, malaria, and tuberculosis treatment services in low-income countries supported by the United States Agency for International Development (USAID).
