Pfizer Inc sold 700 million shares in Haleon PLC, as planned, more than halving its remaining stake, placing agent JPMorgan Securities PLC confirmed on Wednesday.

The shares were sold at 357 pence, raising £2.50 billion for Pfizer, in line with the expectations set out when the share placement was first announced after the London market close on Tuesday.

Haleon shares were up 0.5% to 369.00 pence early Wednesday in London, giving it a market capitalisation of £33.40 billion. Pfizer closed down 1.5% to $26.41 in New York on Tuesday for a $149.67 billion market cap.

Weybridge, England-based Haleon is a consumer healthcare products manufacturer that owns brands such as Sensodyne toothpaste, Panadol and Advil painkillers, and Centrum vitamins. Pfizer is a New York-based pharmaceutical and biotechnology firm.

Haleon was formed in 2019 as a joint venture of Pfizer and GSK PLC’s consumer health businesses. It was listed on the London Main Market in July 2022, with Pfizer retaining a 32% stake that it has reduced it over time.

The latest disposal reduced Pfizer’s interest in Haleon to 7.3% from 15%. JPMorgan and Morgan Stanley acted as joint global coordinators and joint bookrunners for the sale.

GSK sold its remaining 4.2% holding in Haleon in May last year.

Pfizer has undertaken not to transfer or dispose of any of its remaining equity securities in Haleon for the next 60 days.

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