出售其旗下公司ViiV Healthcare的部分股权就是计划之一，公司CEO Andrew Witty发言称：“我们深信ViiV将会荣登伦敦金融时报指数的前50名，也会轻而易举地位列于金融时报100指数的前30-40%。” 为了顺利IPO，GSK甚至还聘请了花旗集团、摩根士丹利、高盛投资作为此次IPO的顾问。
ViiV Healthcare成立于2009年，专注于HIV/艾滋病领域，GSK拥有ViiV 80%的股权，其余部分归美国辉瑞和日本野盐义制药公司拥有。ViiV是GSK集团业绩最突出的子公司之一，去年收入增长近15%，ViiV产品销往全球135个国家，服务于2600万HIV患者，预估ViiV的明星产品——用于治疗HIV的Tivicay将在2015年创下11.02亿美元的收入！其他已经上市的以及在研的HIV药物多达十几种。Andrew Witty说“ViiV正处于极速发展期，它的业务也将扩展的越来越广！” 在当初公司成立之际，相关专业人士就认为这家新公司有一天必然会上市。果然，2014年10月GSK放出消息称ViiV将会独立出去。
Witty说，此次IPO， GSK会出售部分股权，但依然会占有不少于50%的股权。但辉瑞和野盐义是否出售股份他们还不得而知。在接下来的两三个月中，他们将会就此次IPO进行表决，认真估量支持者和反对者的意见，并决定到底出售多少股权，在哪家股票交易所上司。如果ViiV上市，GSK将获得16亿美元的收益（上下20%的浮动）。GSK高层预计将在2015年年中，也就是公布了2015年第二季度财政状况后就ViiV IPO达成最终意见。GSK也寄希望于此次IPO能重获投资者和股东对GSK的信赖。尽管2014年第四季度甚至全年的表现差强人意，GSK还是对未来充满信心，列出新举措计划表，力争在2016年前扳回局势，GSK发言人也坚定地说：“这是一个明确的时间期限。”
GlaxoSmithKline plc (ADR) ViiV Spinoff
Despite reporting troubled earnings and revenues Wednesday, GlaxoSmithKline plc ADR (NYSE:GSK) has been on an uptrend, after announcing various growth plans to stabilize the business.
The pharma giant announced that it will continue facing troubles through the mid of this year. However, it affirmed that it will regain growth during the second half of 2015.
One major plan for recovering growth is the partial spinoff of its HIV drugs unit – ViiV Healthcare. GSK CEO, Sir Andrew Witty mentioned that the company is considering placing ViiV in the top 50 companies on the FTSE index, saying it would easily rank among the top 30-40% of companies on the FTSE 100 index. The pharma giant has hired Citigroup, Morgan Stanley, and Goldman Sachs as advisers.
ViiV is among GSK’s best-performing units, and it witnessed a 15% growth in sales last year. The potential IPO of ViiV would help the company regain the trust of investors and shareholders who were disgruntled by the 4Q results.
However, a spinoff means that the company will have to let go of its potential blockbuster HIV drug Tivicay, which is expected to generate $1.02 billion sales in 2015.
Moreover, GSK will also be losing out on the other 11 HIV drugs that it currently markets, and also several other drugs that are currently in their development stages. ViiV has made its drugs available in 135 countries for the 26 million HIV patients there.
Mr. Witty said the company will critically analyze the pros and cons of the IPO for the next two to three months, evaluating how much of ViiV should be sold and which exchange to list the shares on. The pharma giant could generate as much as $1.6 billion, assuming a 20% float.
GSK expects to make its final decision regarding the IPO around mid-2015, after announcing its 2QFY15 financials. By then, the company will have enough time to update shareholders on the plans, and get some feedback from the financial advisers.
The IPO of the ViiV unit had been speculated by analysts ever since its creation in 2009. GSK first announced its plan to spin off the £15 billion unit into a separate entity in October 2014. It was then that Andrew Witty said, “Obviously, this business is on an accelerating curve, it is an important business going through a very expansionary phase.”
GSK currently owns 80% of ViiV, while the remaining stake is held by Pfizer Inc (NYSE:PFE) and Japan’s Shionogi. Some analysts are of the opinion that the IPO could be the very first step in a wider breakup. Mr. Witty said that even if the company decides to go for the partial IPO, it will “still own more than 50% of that business.” The company said it cannot comment on whether Pfizer and Shionogi will sell their shares in the partial IPO or not.
GSK has gained over 4% in the past two days. Despite the disappointing full-year and 4Q results, the company managed to sway investors’ confidence by presenting plans to bring back growth by 2016. And according to GSK, “That is a very practical timeframe.”