GlaxoSmithKline - Innovative agreement with Pfizer

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Slaughter and May is advising GlaxoSmithKline ("GSK") on its agreement with Pfizer to create a new world-leading HIV company. The new company will have a broad product portfolio of 11 marketed products including market-leading therapies such as Combivir, Kivexa and Selzentry/Celsentri. The new company will also have an industry-leading pipeline of 6 innovative and targeted medicines, including 4 compounds in phase II development.

GSK will initially hold an 85% equity interest in the new company and Pfizer will hold 15%. GSK and Pfizer have agreed a structure for their equity interests to be adjusted in the event that specified sales and regulatory milestones are achieved.

The transaction was announced on 16 April, 2009 and is expected to close in the fourth quarter of 2009.

David Johnson (partner), Simon Nicholls (partner), Matthew Bowden (associate), Tom Carey (associate), Simon Staveley-Smith (associate), Victoria Theaker (associate); Intellectual property: Susie Middlemiss (partner), Steven Warner (associate), Laura Hillier (associate); Tax: Steve Edge (partner), Dominic Robertson (associate); Competition: Bertrand Louveaux (partner), Steve Smith (associate), Lisa Wright (associate); Pensions/Employment: Sandeep Maudgil (partner), Ellen Swan (associate)