(Alliance News) - GSK PLC on Friday said it has sold its remaining shares in Haleon PLC, marking a total exit from its consumer healthcare spin-off.
GSK is a London-based pharmaceutical company with a current market capitalisation of GBP73.43 billion.
In July 2022, GSK completed the demerger of the consumer healthcare business that it shared with Pfizer Inc to form Haleon, an independently listed company traded in London and New York and, like GSK, a constituent of the FTSE 100 index.
Following the spin-off, GSK retained a 13% stake in the Surrey-based consumer healthcare company, which owns brands including Advil, Panadol and Beechams.
GSK has since carried out disposals of its interest, selling Haleon shares in May and October of 2023, and in January 2024.
On Thursday after the London market close, GSK said it intended to sell its remaining 4.2% stake through a placing of the Haleon shares to institutional investors.
"The offer price will be determined by means of an accelerated bookbuild offering process which is to start immediately," GSK added.
On Friday, the company said it sold all 385.3 million shares at a price of 324 pence each, raising about GBP1.25 billion.
Haleon shares were down 0.4% at 331.01 pence each in London early Friday. Shares in GSK were down 0.9% at 1,767.72 pence.
Following settlement of the share placing, GSK will hold no shares in Haleon PLC.
The aggregate sum raised from the sale of all its 1.20 billion Haleon shares was about GBP3.9 billion, GSK said.
Pfizer continues to hold a 32% stake in Haleon.
By Hugh Cameron, Alliance News reporter
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Glaxosmithkline (GSK)
Haleon (HLN)