(Reuters) – Pfizer will sell a 2.50 billion pound ($3.05 billion) stake in Haleon, reducing its stake in the British consumer healthcare company to about 7.3% from 15%, its accountant said on Wednesday JPMorgan.
The sale of 700 million Haleon shares at 357p apiece represents a discount of around 2.8% to the share price at Tuesday’s close.
Shares in the maker of Sensodyne, Panadol and Advil, which are up 17% in 2024, rose 0.7% to 369.7 pence in morning trade on Wednesday, in line with broader.
The sale represents almost 7.7% of the issued share capital of Haleon, which was created by the merger of GSK and Pfizer (NYSE: ) consumer healthcare business in 2019. It was spun off from a UK drugmaker in 2022.
Pfizer, which will remain Haleon’s largest shareholder after the sale, said in 2023 that it would reduce its ownership in a “slow and methodical” manner over several months.
The American drugmaker is under pressure from hedge fund Starboard Value to hold its management accountable for poor results. It sold a $3.3 billion stake in Haleon last October, while GSK sold its entire stake in May.
JPMorgan i Morgan Stanley (NYSE: ) are joint global coordinators and joint bookrunners for the sale of shares.
In October, Haleon missed forecasts for the third quarter, hit by a stronger pound and lower sales of the painkiller Panadol in Australia and the Middle East.
($1 = £0.8199)
