Pfizer Inc sold a 7.6% stake in consumer health products firm Haleon PLC for £2.7 billion, the investment banks running the offer confirmed on Tuesday.

Pfizer, a New York-based pharmaceuticals firm, sold 640 million Haleon shares at 380 pence per share in a placing run by Goldman Sachs International and BofA Securities as joint global coordinators. Haleon bought back an additional 60.5 million shares from Pfizer at the same price.

As a result, Pfizer’s stake in Haleon has been reduced to 15.0% from 22.6%.

Haleon shares were down 0.3% at 391.90p in London on Tuesday. It has a £34.73 billion market capitalisation.

Pfizer closed 0.5% lower at $28.94 in New York but was up 0.2% to $28.99 in the New York pre-market.

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.

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