Glaxo and Pfizer to Form Specialized HIV Drug Company
Drug makers GlaxoSmithKline PLC and Pfizer Inc. announced Thursday they are combining their resources to create a specialized company focused on the research and development of HIV drugs, reports Reuters (Hirschler, 4/16).
"The deal allows the two companies to merge their strengths in the HIV drugs business - Glaxo is a big seller of HIV treatments but its products are relatively old and its pipeline of future drugs is also relatively weak. Pfizer, on the other hand, has a significant store of drugs in development but few products on the market," writes AP/Google.
In an statement, Pfizer Chief Executive Officer Jeff Kindler said: "By combining Pfizer's and GlaxoSmithKline's complementary strengths and capabilities, we are creating a new global leader in HIV and reaffirming our ongoing commitment to the treatment of the disease," (AP/Google, 4/16). Adding, "The new company is well positioned to bring new and improved medicines to patients with more speed and efficiency" (Bloomberg).
According to Bloomberg, the new company, set to combine each group's HIV-drug units, "will control almost 20 percent of the market for treating the deadly virus."