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GlaxoSmithKline to float HIV drugs business
24 October 2014 - GlaxoSmithKline, a British-based pharmaceutical company is looking to float its HIV drugs business as part of a recovery plan that includes a fresh round of cost cutting, it was reported yesterday.

GSK chief executive, Andrew Witty, told reporters that as a standalone company, ViiV Healthcare would be among the top 40 companies in London's FTSE 100 index, outranking such household names as retailer Marks and Spencer.

Analysts at Jefferies said they valued the HIV and AIDS division at about GBP17bn. Announcing third-quarter results, GSK said that the new restructuring programme would save GBP1bn in annual costs within three years, with half of that achieved by 2016.

(EUR1 = GBP0.79)

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