Pfizer plans to exit its 32% stake in Haleon, its consumer health joint venture with British drugmaker GSK, after the business is spun off as an independent listed company in July, GSK said on Wednesday.
Pfizer previously signalled it would seek to sell its shareholding in Haleon, which is home to Sensodyne toothpaste and Advil painkillers, but GSK said in February that the U.S. drugmaker would retain its stake.
GSK said that Pfizer would exit its investment in a "disciplined manner".
GSK said it had applied to Britain's regulator to list Haleon on the London Stock Exchange on July 18 and would apply to list it on the New York Stock Exchange shortly.
Before the spinoff, the holding company for the consumer health business will pay dividends to GSK and Pfizer. That will translate to GSK receiving cash proceeds of more than £7 billion (€8.21 billion) at separation, GSK said.
GSK, which will retain its focus on pharmaceuticals and vaccines, now has a 68% controlling interest Haleon.
'Significant Corporate Change'
In a statement, GSK said that the planned demerger is the 'most significant corporate change for GSK in the last 20 years', adding that it will create 'two new leading companies, each with clear targets for growth and the ability to positively impact the health and lives of billions of people'.
Following the demerger, GSK said that it will focus purely on biopharmaceuticals, as well as the development of vaccines and specialty medicines.