30th Sep 2024 21:59
(Alliance News) - Pfizer Inc on Monday said it plans to sell a 5.9% stake in consumer products firm, Haleon PLC, in a deal that could raise around GBP2.7 billion.
On completion, Pfizer, the New York-based pharmaceuticals firm, will see its interest in Haleon fall to just over 16% from 22.6% currently. Bloomberg reported that the share sale price is likely to be 380 pence per share, raising around GBP2.7 billion.
Separately, Weybridge, Surrey-based Haleon agreed to buy around GBP230 million worth of its shares from Pfizer at the price set in the share offering.
This includes around GBP114.6 million worth of ordinary shares, which represents the remainder of the GBP500 million allocated to share buybacks in 2024 announced in February. The balance, GBP115.4 million, will be held in treasury.
Haleon was formed from a combination of GSK PLC and Pfizer’s consumer-health units. The company manufactures products including Panadol pain relief tablets, Sensodyne toothpaste and Centrum vitamins.
Shares in Haleon closed down 0.3% at 395.58p in London on Monday. Pfizer closed 0.5% lower at USD28.94 in New York.
By Jeremy Cutler, Alliance News reporter
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