14th Jan 2025 17:24
(Alliance News) - Pfizer Inc is selling 700 million shares in Haleon PLC, more than halving its remaining stake, according to a statement from JPMorgan Securities on Tuesday.
Weybridge-based Haleon is a consumer healthcare products manufacturer which owns brands such as Sensodyne toothpaste, Panadol and Advil painkillers, and Centrum vitamins.
According to JPMorgan, Pfizer, the New York pharmaceutical and biotechnology firm, is offloading 7.7% of Haleon's share capital, via an accelerated bookbuilding process to institutional investors. This process will determine the price at which the shares are sold.
JPMorgan and Morgan Stanley are acting as joint global coordinators and joint bookrunners.
At Haleon's closing share price on Tuesday of 367.10 pence, the share sale is worth around GBP2.57 billion. Shares in Pfizer were 1.3% lower at USD26.45 each in New York.
The sale will reduce Pfizer's interest in Haleon to around 7.3% from 15.0%.
Pfizer has undertaken not to transfer or dispose of any of its remaining equity securities in Haleon for 60 days from the date of settlement of the offering.
Haleon was formed in 2019 as a joint venture of Pfizer and GSK PLC’s consumer health assets. It was listed on the London stock market in July 2022, with Pfizer retaining a 32% stake which it has reduced it over time.
GSK sold its remaining 4.2% holding in Haleon in May 2024.
By Jeremy Cutler, Alliance News reporter
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