In a move that mimics that of GSK, Pfizer has decided to cut down its stake in Haleon, one of the largest consumer businesses in the world known for famous brands such as Panadol and Sensodyne.
In 2019, the consumer healthcare divisions of GSK and Pfizer merged to form Haleon. In July 2022, two years following the group’s split and first public offering, the two parent businesses continued to hold significant stakes.
Since then, GSK has sold off a portion of its ownership in the company; the most recent transaction occurred in January this year, reducing its initial 12.9% interest to 4.2%.
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Last year, Pfizer highlighted its plans to cut down its ownership in Haleon in a “slow and methodical” manner within months, from its current 32% to a projected 24%.
And now the American pharma giant is making its move.
Through a simultaneous sale outside of the US and a public offering in the US, Pfizer intends to sell roughly 630 million Haleon Ordinary shares, estimated to be worth £2 billion.
Pfizer has consented to sell Haleon off-market ordinary shares for an anticipated total purchase price of 315 million pounds, and Haleon has agreed to repurchase those shares from Pfizer.
Haleon indicated in a statement that they expect to announce on or around March 19 the offer price per share following the completion of a book-building process.
This seems to be consistent with its overall strategy, which included plans to buy back shares worth £500 million this year.
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