18th Mar 2025 19:00
(Alliance News) - Pfizer Inc on Tuesday said it will sell its entire residual stake in Haleon PLC, offloading approximately 662 million shares in the consumer health firm through a secondary offering and a share buyback agreement with Haleon.
Haleon is a Weybridge, Surrey-based consumer healthcare firm that spun out of GSK PLC in 2022. Pfizer is a New York City-based pharmaceutical company.
The sale represents around 7.3% of Haleon's issued share capital and marks Pfizer's full exit from its holding in the company. The shares will be sold to institutional investors via an accelerated bookbuilding process, with pricing to be determined based on investor demand.
As part of the transaction, Haleon has agreed to repurchase GBP170 million worth of its own shares from Pfizer in an off-market deal. The buyback price per share will match the price determined in the bookbuilding process.
Haleon's repurchase is conditional on the offering price not exceeding Tuesday's closing share price of 391.00 pence and the successful completion of the broader offering.
Investment banks including Bank of America Corp, Citigroup Inc, and Goldman Sachs Group Inc are acting as joint global coordinators for the sale, with Barclays PLC and Deutsche Bank AG also involved as bookrunners.
Shares in Haleon closed 0.3% lower at 391.00 pence in London on Tuesday. Pfizer shares were up 0.9% at USD26.30 in New York on Tuesday afternoon.
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights reserved.
Related Shares:
HaleonBarclays