Slaughter and May is advising GSK plc (“GSK”) on GSK’s agreement with Shionogi & Co., Ltd (“Shionogi”) and Pfizer Inc. (“Pfizer”) for the 11.7% economic interest in ViiV Healthcare Limited (“ViiV Healthcare”) currently held by Pfizer to be replaced with an investment by Shionogi. As a result of this transaction, Shionogi will increase its economic interest in ViiV Healthcare to 21.7% and GSK will maintain its 78.3% economic interest. Under the terms of the agreement, ViiV Healthcare will issue new shares to Shionogi for consideration of $2.125bn and cancel Pfizer’s holding in ViiV Healthcare. Pfizer will receive $1.875bn and GSK will receive a special dividend of $0.250bn.
The transaction, which was announced on 20 January 2026, is subject to regulatory approvals and is expected to complete in Q1 2026.
Slaughter and May is supporting GSK’s in-house legal team, led by Andrew Stewart, Irene Cummins and Crystal Baker.