The shares of GlaxoSmithKline (LSE: GSK) (NYSE: GSK.US) climbed 1% to 1,680p during early London trade this morning after the pharmaceutical giant confirmed a subsidiary had received FDA approval for a new HIV treatment.
Viiv Healthcare, global experts in specialist HIV treatments, was established as a joint venture between Glaxo and Pfizer in 2009.
The medication, known as Tivicay, is an 'integrase inhibitor' which helps to block the process by which the HIV virus spreads. The product is designed to be used in combination with other anti-retroviral agents in treating HIV-1 in people aged 12 onwards.
ViiV Healthcare chief executive Dr Dominique Limet commented:
"This approval shows that our singular focus on HIV can deliver important new medicines, maintaining our absolute commitment to the HIV/AIDS global response."
With a market cap of over £82bn, GlaxoSmithKline's shares trade at 14.5 times expected earnings, and offer a prospective dividend yield of 4.6%.
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