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 £2.7 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 £2.7 billion.
Separately, Weybridge, Surrey-based Haleon agreed to buy around £230 million worth of its shares from Pfizer at the price set in the share offering.
This includes around £114.6 million worth of ordinary shares, which represents the remainder of the £500 million allocated to share buybacks in 2024 announced in February. The balance, £115.4 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 $28.94 in New York.
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