Pfizer to Cut Stake in Haleon to 24%
By Elena Vardon
Pfizer plans to sell around 630 million of its shares in Haleon, reducing its stake in the consumer-healthcare business to around 24%.
The pharmaceutical giant will conduct the disposal through a public offering, Haleon said Monday. The offer price will be determined via an accelerated bookbuild offering process which is to start on or around Tuesday.
Based on Haleon shares' Friday closing price of 322.3 pence, Pfizer would be looking to raise about 2.03 billion pounds ($2.59 billion). The U.S group will get all the net proceeds from the global offer subject to customary closing conditions, the London-listed company said.
In connection to the offer, Haleon also agreed to buy back around GBP315 million in its own shares from Pfizer at the same price.
Pfizer previously held a 32% stake in Haleon, which was spun out of GSK and Pfizer's consumer healthcare business. GSK has also been selling down its stake in the company.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
March 18, 2024 03:46 ET (07:46 GMT)
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