Pfizer sells $3.9b of stakes in Haleon

British multinational consumer healthcare company, Haleon announced on Tuesday that its top shareholder, Pfizer has sold a $3.9 billion stake in the company, reducing its ownership to 22.6 per cent, Reuters reported.

Pfizer previously held a 32 per cent stake, while GSK, the second-largest shareholder, has a 4.2 per cent holding.

This is Pfizer’s first stake sale in Haleon since the company was spun off from GSK and listed in 2022. Pfizer had announced plans to gradually reduce its ownership last year.

GSK, which initially held a 12.9 per cent stake, has also sold down its shares over the past year.

Pfizer sold 594 million shares at £3.08 each and approximately 196.5 million American Depository Shares (ADS) at $7.85 each, totaling around $3.9 billion.

Haleon had previously disclosed a 630 million share sale, but the actual sale was lower. Haleon will repurchase £315 million worth of shares from Pfizer off-market.

The stake sale and buyback are set to close on March 21, with Pfizer’s shares subject to a 90-day lock-up period following the sale.