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- Issue 81: April 2009
- Issue 80: March 2009
- Issue 79: February 2009
- Issue 78: December 2008
- Issue 77: November 2008
- Issue 76: October 2008
- Issue 75: September 2008
- Issue 74: August 2008
- Issue 73: July 2008
- Issue 72: June 2008

More Archives
We are in the process of moving all of our articles to the new site.

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Around the Traps

By a Staff Writer
News Items, Background Information and Items of Interest

Issue 82: May 2009
Page: 1 of 1 Author's Profile | Send to a Friend | Printer Version

Organisations with pharmacy connections are invited to share their news, product releases or opinions in this column.
This Month:

* HIP Newsletter

 * A new medication management aid for the visually impaired now available

* GSK and Pfizer Form new Specialist HIV Company

______________________________________________________________________________

HIP logo
UPdate
This Month
HIP at APP
Two new stores in Victoria
Mirixa and Chemconsult
HIP Castle Hill nominated for best business
Join Our List
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  April 2009

HIP at APP


HIP at APPHIP was again at APP a few weeks ago, where the focus was on Chemconsult® and letting attendees... Click to continue

Two new stores in Victoria


HIP has recently opened two new pharmacies in Victoria - one in Bendigo and the other Deer Park... Click to continue

Mirixa and Chemconsult® - what's the difference?

With the Pharmacy Guild's launch of Mirixa across the country over the past few months, you could be forgiven for being a little confused... Click to continue

HIP Castle Hill nominated for best business in Hills District


HIP Castle Hill, the original HIP pharmacy, has been nominated by its customers... Click to continue

About HIP
Health Information Pharmacy is an award-winning Australian pharmacy group - independent of wholesaler groups and developed by pharmacists and business coaches.  It is based around a model developed by the founder, Ken Lee, in his Castle Hill NSW pharmacy - which won NSW/ACT Pharmacy of the Year in 2003. More...


______________________________________________________________________________

A new medication management aid for the visually impaired now available

People with low vision now have a new aid to ensure they take their medications correctly.

In discussions with Vision Australia, Webstercare, suppliers of medication management systems, learnt that it is much easier for a person with low vision to make out white text against a black background.

This has led to the development of the new Webster-pak LV (low vision) specifically designed to ensure people with low vision can see and take their medications correctly, as packaged and supplied by their pharmacist.

The Webster-pak LV is a black pack. The writing is white, written in a larger font size and sentence case type which makes the Mon-Sun labels - down the side of the pack - and dosage times (breakfast, lunch, dinner and bedtime) across the pak, easier to see.

“We are finding, these small changes to the traditional Webster-pak – especially the white on black contrast, which clarifies the writing, helps people with low vision to take their medications safely and accurately - as prescribed by their doctor,” said Gerard Stevens, Managing Director of Webstercare.

“It is a fact of life that as we age, the sight of many people is not as good as it once was and the new Webster-pak LV will take the chance out of not be able to read the medication days and times properly,” he added.

“Vision Australia relies on strong partnerships within the community to make a difference to the lives of people who are blind or have low vision. With the support of organisations such as Webstercare, Vision Australia can assist people who are blind or have low vision to fully participate in life,” said Mr Gerard Menses, CEO Vision Australia (formerly the Royal Blind Society).

Gerard Stevens advised that the new Webster-pak LV is now being sold in pharmacies - Australia wide - and the pharmacists have found it is simple to switch from the traditional Webster-pak to the new Webster-pak LV. They can simply print the new header card and fonts from the usual Webstercare medication management software they already have.

Dispensary Technician, Helena Gough from the Nerang Centre Pharmacy in Queensland, said: “It’s fantastic, truly is! Response from community patients has been very good – with the days and times, they can pick them out much more quickly.”

Webstercare invites enquiries and offers free samples by contacting Webstercare on 1800 244 358 or email manrex@webstercare.com.au.

Webstercare:

This is a company run by pharmacists for pharmacists, devoted to making the process of dispensing and taking medications as safe and cost effective as possible. The idea is to offer staff in aged care homes, doctors, carers and patients ‘peace of mind’ by improving medication management.

The growing need for pharmacists to tailor individual dosage schedules represents a major challenge in pharmaceutical care. Webstercare® has a complete range of medication systems to help pharmacists and doctors do this. The Webster-pak LV is the latest addition to their comprehensive range

Vision Australia:

Vision Australia is the leading provider of blindness and low vision services in Australia. We work in positive partnership with Australians who are blind or have low vision to help achieve the possibilities they choose in life.

We do this by developing practical solutions to everyday challenges. Striving together we create exciting lifetime possibilities by providing comprehensive training and easy access to the world's information.

We provide services to people at home, in our centres and in the community, from regional and metropolitan locations in NSW, the ACT, Queensland, the Northern Territory, Tasmania and Victoria.

We offer a range of services that can be tailored to a person's level of vision, supporting people who have some remaining sight to those who are blind.

Media Contact: Maggie Lanham 02 9975 7569 or 0412 281277.

______________________________________________________________________________

GSK and Pfizer Form new Specialist HIV Company


GlaxoSmithKline and Pfizer announce innovative
agreement to create a new world-leading, specialist
HIV company
- Creates a new focused HIV business with the independence and
sustainability to deliver significant improvements in treatment, access and
shareholder value
- Renews focus on HIV with industry-leading pipeline to deliver more new
HIV treatments
- Equity split of 85% GSK and 15% Pfizer
GlaxoSmithKline plc (GSK) and Pfizer Inc (PFE) today announced they have entered into an
agreement to create a new world-leading HIV company focused solely on research, development and
commercialisation of HIV medicines. The new HIV business will be more sustainable and broader in
scope than either company’s individually, and will hold a 19% share of the growing market and have
an industry-leading pipeline. GSK will initially hold an 85% equity interest in the new company and
Pfizer will hold 15%.
Andrew Witty, Chief Executive Officer, GSK said: “Today marks a definitive step by GSK to renew
our focus and deliver more medicines, more efficiently, to people living with HIV/AIDS. At the core of
this specialist business is a broad portfolio of products and pipeline assets, which can be more
effectively leveraged through the new company’s strong revenue base and dedicated research
capability. HIV remains a global threat with increasing incidence and viral resistance. This new
company will be better placed to meet these challenges and improve access to treatments.”
Jeff Kindler, Chief Executive Officer, Pfizer 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. With the strength of the companies’ current
HIV products, as well as the complementary fit of Pfizer’s HIV pipeline and GSK’s global distribution
capabilities, the new company is well positioned to bring new and improved medicines to patients with
more speed and efficiency. The new company can reach more patients and accomplish much more
for the treatment of HIV globally than either company on its own.”
Focused new business with industry-leading HIV pipeline
The new company will have a broad product portfolio of 11 marketed products including marketleading
therapies such as Combivir, Kivexa and Selzentry/Celsentri. Based on 2008 pro-forma
results, this combined portfolio generated sales of approximately £1.6 billion and these revenues will
provide the new company with financial stability and support investment in its pipeline.
The clear focus of the new business will be to invest in research and development of innovative HIV
treatments and formulations that improve adherence and overcome resistance to the virus.
The company will have an industry-leading pipeline of 6 innovative and targeted medicines, including
4 compounds in phase II development. Altogether, the new company will have 17 molecules at its
disposal to develop in fixed-dose combinations as possible new HIV treatments. The new company
will contract R&D services directly from GSK and Pfizer to develop these medicines.

The new company will also invest in early-stage research and discovery of HIV medicines, and will
benefit from a new Research Alliance Agreement with GSK and Pfizer. Under this new alliance, GSK
and Pfizer will continue to conduct discovery research and development into HIV medicines and the
new company will invest in this activity and will have exclusive rights of first negotiation in relation to
any new HIV-related medicine developed by either GSK or Pfizer.

New company’s product portfolio and pipeline

Combined Marketed Product Portfolio
Product Class
Agenerase Protease inhibitor
Combivir NRTI
Epivir/3TC NRTI
Epzicom/Kivexa NRTI
Lexiva/Telzir Protease inhibitor
Rescriptor NNRTI (US only)
Retrovir/AZT NRTI
Selzentry/Celsentri CCR5 antagonist
Trizivir NRTI
Viracept Protease inhibitor (N. America only)
Ziagen NRTI

Combined Clinical Development Pipeline
Product Class Phase
GSK 1349572 Integrase inhibitor II
UK-453061 NNRTI II
GSK 2248761
(IDX899)
NNRTI II
PF-232798 CCR5 antagonist II
PF-3716539 PK enhancer I
GSK706769 CCR5 antagonist I

Initiatives to improve treatment access

The new company will continue GSK’s and Pfizer’s commitments to improve access to HIV medicines
for everyone.

Not-for-profit pricing for HIV medicines will continue for those countries most in need, and the new
company will continue to facilitate new voluntary licences to diversify production and expand capacity
in these markets.

The new company will also conduct research and development activities specifically to address
appropriate access to HIV medicines in developing countries. In particular, the new company will
increase its research effort into treatments and formulations for children living with HIV.

The new company will continue GSK and Pfizer’s strong record of community support for HIV. GSK’s
long-standing Positive Action programme will transfer to the new company, maintaining a focus on
prevention, tackling stigma and discrimination, and building capacity and treatment literacy within the
global community. Since 2002, GSK has conducted 65 partnership projects across 63 countries and
the new company will continue to invest in Positive Action.

Pfizer has made substantial investments in the fight against HIV/AIDS, as evidenced through its
partnerships with key stakeholders and organisations. The Pfizer Foundation remains committed to its
continued support of ConnectHIV in the USA, the Diflucan Partnership Program in developing
countries and the Infectious Diseases Institute, a global centre of excellence for teaching, research
and healthcare delivery in Africa.


Independent leadership dedicated to HIV treatment

The management of the new company will bring a new focus to the global HIV therapy area and will
be able to rapidly prioritise and access internal and external investment opportunities.
Dominique Limet has been appointed as Chief Executive Officer Designate of the new company and
as a member of its Board.

Dominique is currently Senior Vice President and Head of GSK’s Personalised Medicine Strategy. He
is a trained physician and has held a number of senior leadership roles at GSK including as regional
President for Southern and Eastern European markets and as General Manager of GSK France.
Dominique has served as a member of GSK’s Positive Action Steering Committee and was a board
member of the GSK France Foundation which supported a range of HIV/AIDS-related programmes
around the world.

Other Board members to be appointed to the new company are:


Julian Heslop, Chief Financial Officer, GSK and Chairman of the new HIV company

Cees Heiman, Regional President, Specialty Care Business Unit, Europe, Pfizer

Zhi Hong, SVP and Head of Infectious Diseases CEDD, GSK

Abbas Hussain, President Emerging Markets, GSK

Duncan Learmouth, SVP Corporate Communications & Community Partnerships, GSK
• Martin Mackay, President, Global Research & Development, Pfizer

Ian McCubbin, SVP Strategy, Logistics and External Supply, GSK

Ellen Strahlman, SVP and Chief Medical Officer, GSK
GSK and Pfizer have established an integration steering committee, with representatives from both
companies to prepare for the operation of the new company upon the closing of the transaction. A
head of R&D will be appointed to oversee all research and development activities. Manufacturing and
other services will be provided by GSK and Pfizer.

Financial details

The combination is highly complementary and serves both companies strategically. For GSK, the
transaction will expand its marketed portfolio, helping to reduce the impact of patent expiries to
several of its HIV products in future years, and it will provide access to a broad range of new pipeline
assets. For Pfizer, the collaboration will provide Selzentry/Celsentri and its pipeline assets with
access to GSK’s global HIV commercial organisation and HIV distribution network to better reach
patients in need.

Equity interests

Upon completion of the transaction, GSK will hold an 85% equity interest in the new company and
Pfizer will hold 15% reflecting the value of their currently marketed products. To reflect the potential
future performance of their respective HIV pipeline products, 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.

If all milestones were to be achieved, GSK’s equity interest in the new company would be 75.5% and
Pfizer’s would be 24.5%. In the event that the only milestones achieved are in respect of the pipeline
assets originally contributed by GSK, GSK’s equity interest in the new company would be 91% and
Pfizer’s would be 9%. In the event that the only milestones achieved are in respect of the products
and pipeline assets originally contributed by Pfizer, GSK’s equity interest in the new company would
be 69.5% and Pfizer’s would be 30.5%.

The dividend entitlements of GSK and Pfizer in respect of their respective equity interests also include
provision for preferential dividend payments if specified sales thresholds are met in respect of the
marketed products and pipeline assets that they each originally contributed to the new company.


Accounting

The new company will be fully consolidated in GSK's financial statements and Pfizer’s share of the
new company will be reflected as a minority interest. As part of the transaction GSK and Pfizer will
exchange assets, and as a result GSK will be required to add Pfizer’s marketed and pipeline assets
into its accounts at fair value. Consequently, under accounting rules which apply to acquisitions
completed prior to the end of 2009, this asset exchange will result in a one-off non-cash, pre-tax
accounting gain for GSK on the closure of the transaction, which is expected during the fourth quarter
of 2009. GSK will report this gain within other operating income.

Earnings and cashflows

Reflecting GSK’s greater contribution of marketed products to the new company, and the pipeline
investment required, the transaction is expected to result in marginal near-term earnings per share
dilution for GSK of approximately 1 to 2% in 2010 and 1% in 2011. This dilution is expected to reverse
as the new company’s pipeline starts to generate sales. The transaction is expected to be neutral to
Pfizer’s earnings in 2009 and slightly accretive in 2010 and 2011.

The estimated dilution for GSK includes charges for amortisation of intangible assets related to
Pfizer’s current and future marketed products, includes the realisation of annual pre-tax cost savings
of up to £60 million by 2011 and excludes the one-off non-cash, pre-tax accounting gain referenced
above. Synergies will be delivered through elimination of overlapping commercial infrastructure.

The transaction will have a small adverse impact on GSK’s reported cashflow in 2010-2011 as a
result of minority dividends paid, and is expected to be cashflow accretive by 2012.

The book value of the gross assets contributed to this transaction by GSK and Pfizer is approximately
£250 million. Based on 2008 pro-forma results, sales of the combined portfolio were approximately
£1.6 billion with operating profits of approximately £870 million.

Conditions to transaction closing

The closing of the transaction and commencement of the new company’s business is conditional
upon certain matters including receiving certain regulatory and tax clearances, and no material
adverse change occurring in respect of either GSK’s or Pfizer’s HIV business prior to closing. The
transaction is expected to close in the fourth quarter of 2009. The companies will also conduct
consultations with staff, works councils, trade unions and other employee representatives as
appropriate and in accordance with applicable employment legislation.

www.hivfutures.com

For more information about this announcement, GSK and Pfizer have established a website
www.hivfutures.com for all interested parties including physicians, patients, community stakeholders
and investors.

Teleconferences

GSK will hold teleconferences for investors/analysts and the media later today to discuss the
transaction.

Investor/analyst teleconference Media teleconference

13:30 UK time 14:30 UK time
Dial in details Dial in details

UK free phone: 0800 011 3491 UK free phone: 0808 234 7616

International dial in: +44 (0)208 438 2601 International dial in: +44 (0)207 365 8426

US free phone: +1 866 804 8688 US free phone: +1 866 277 1182

Replay details of these teleconferences will be made available later today on www.hivfutures.com


GlaxoSmithKline – one of the world’s leading research-based pharmaceutical and healthcare
companies – is committed to improving the quality of human life by enabling people to do more, feel
better and live longer. For further information please visit www.gsk.com

Pfizer – Founded in 1849, Pfizer is the world's largest research-based pharmaceutical company
taking new approaches to better health. We discover, develop, manufacture and deliver quality, safe
and effective prescription medicines to treat and help prevent disease for both people and animals.
We also partner with health care providers, governments and local communities around the world to
expand access to our medicines and to provide better quality health care and health system support.
At Pfizer, more than 80,000 colleagues in more than 90 countries work every day to help people stay
happier and healthier longer and to reduce the human and economic burden of disease worldwide.

GlaxoSmithKline Enquiries:
UK Media enquiries: Philip Thomson
David Outhwaite
Stephen Rea
(020) 8047 5502
(020) 8047 5502
(020) 8047 5502
US Media enquiries: Nancy Pekarek
Mary Anne Rhyne
Kevin Colgan
Sarah Alspach
(919) 483 2839
(919) 483 2839
(919) 483 2839
(919) 483 2839
European Analyst/Investor enquiries: David Mawdsley
Sally Ferguson
Gary Davies
(020) 8047 5564
(020) 8047 5543
(020) 8047 5503
US Analyst/ Investor enquiries: Tom Curry
Jen Hill Baxter
(215) 751 5419
(215) 751 7002
Pfizer enquiries:
Media enquiries: Ray Kerins
Joan Campion
(212) 733 9203
(212) 733 2798
Investor enquiries: Suzanne Harnett
Jennifer Davis
(212) 733 8009
(212) 733 0717

 


Cautionary statement regarding forward-looking statements

GlaxoSmithKline disclosure notice: Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of
1995, GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this
announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected.
Factors that may affect GSK' s operations are described under 'Risk Factors' in the 'Business Review' in the company' s Annual
Report on Form 20-F for 2008.

Pfizer disclosure notice: The information contained in this release is as of 16 April 2009. Pfizer assumes no obligation to update any forward-looking statements contained in this release as a result of new information or future events or
developments.

This release contains forward-looking information about Pfizer’s and GlaxoSmithKline’s agreement to create a new HIV
company and about the prospects of that company, including revenues from in-line products and the potential benefits of
product candidates that will be contributed to that company, as well as the potential financial impact of the transaction. Such
information involves substantial risks and uncertainties including, among other things, the satisfaction of conditions to closing
the transaction; the uncertainties inherent in research and development activities; decisions by regulatory authorities regarding
whether and when to approve any drug applications that have been or may be filed for such product candidates as well as their
decisions regarding labeling and other matters that could affect the availability or commercial potential of such product
candidates; and competitive developments.

A further list and description of risks and uncertainties can be found in Pfizer’s Annual Report of Form 10-K for the fiscal year
ended December 31, 2008 and in its reports on Form 10-Q and Form 8-K.

Trademarks

Brand names appearing in italics throughout this document are trademarks of GSK and Pfizer.

Registered in England & Wales:

No. 3888792

Registered Office:

980 Great West Road
Brentford, Middlesex

 



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