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(Alliance News) - Haleon PLC on Monday said Pfizer Inc plans to sell around GBP2 billion in Haleon shares, some of which will be bought back by Haleon.
Weybridge, Surrey-based Haleon, which owns brands such as sensodyne toothpaste and painkiller panadol, said Pfizer is selling 630 million Haleon shares, reducing its stake to 24% from 32%.
As part of the transaction, Haleon will buy back about GBP315 million of its shares from Pfizer, or about a sixth of the total being sold by New York-based Pfizer.
Shares in Haleon were down 1.9% to 316.10 pence in London on Monday morning. Shares in Pfizer closed down 0.7% at USD27.94 in New York on Friday.
The offer price will be determined by a book building process and is expected to be announced on Tuesday, Haleon.
Pfizer will receive all the proceeds from the offering, as it is of existing shares.
The sale marks Pfizer's first disposal of shares in Haleon following Haleon's demerger from GSK PLC and listing in London in July 2022 at 330p per share.
Haleon was formed from the combination of GSK's and Pfizer's consumer-health units.
GSK initially retained a 13% stake in Haleon. After several disposals this has now been reduced to 4.2%, a total of 385 million shares.
Pfizer retained its 32% interest, although it had declared an intention to sell down its holding.
By Jeremy Cutler, Alliance News reporter
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