Glaxo and Pfizer join forces in HIV move

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The joint venture, which follows a trend of increasing co-operation between pharmaceuticals firms, will initially give Glaxo an 85% equity share.

The UK firm's sales of HIV drugs in 2008 accounted for £1.5 billion of the new company's £1.6 billion current drug portfolio, but Pfizer, the world's largest drug firm, is providing its growing pipeline of new medicines and the share agreement will shift in favour of Pfizer over time.

The companies expect the deal to provide annual pre-tax savings of up to £60 million by 2011, but did not reveal details of any potential impact on jobs. Glaxo employs 18,000 workers in the UK, and Pfizer around 6500.

Jeff Kindler, chief executive of Pfizer, said the tie-up would create a "new global leader in HIV" that would be able to "reach more patients and accomplish much more for the treatment of HIV globally than either company on its own".