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TOP NEWS: Haleon buys back shares worth GBP315 million from Pfizer

21st Mar 2024 16:29

(Alliance News) - Haleon PLC on Thursday said it bought back around GBP315 million in shares from Pfizer Inc.

Haleon, a Weybridge, Surrey-based consumer healthcare company, said it repurchased around 102.3 million shares and reduces Pfizer's stake in the company to 23% from 32%.

Shares in Haleon were up 2.1% to 323.95 pence each in London on Thursday afternoon, while Pfizer shares were up 0.8% to USD27.91 each in New York on Thursday around midday.

The share buybacks were made alongside the closing of the global offering by Pfizer of 790.6 million Haleon shares, including 196.6 million in the form of American depositary shares. Each ADS represents two Haleon shares.

Following the global offer, the remaining Pfizer shares in Haleon will be subject to a lock-up period of 90 days.

"Our participation in Pfizer's global offering is an important step for Haleon, reflecting confidence in our outlook and the great progress we've made on deleveraging since listing," said Haleon Chief Executive Officer Brian McNamara.

"It is also consistent with the capital allocation priorities we shared with our full year results in February. Looking ahead, we are confident that the continued delivery of our strategy for growth will help drive superior shareholder returns."

By Greg Rosenvinge, Alliance News senior reporter

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