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A-Brands

Pfizer To Cut Stake In Sensodyne Toothpaste-Maker Haleon To 24%

By Reuters
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Pfizer To Cut Stake In Sensodyne Toothpaste-Maker Haleon To 24%

Consumer healthcare firm Haleon has said that U.S. drugmaker Pfizer, its top shareholder, will sell down its stake in the company to about 24%.

Pfizer, which currently holds a 32% stake in Haleon, said last year it planned to cut its ownership in a "slow and methodical" manner within months.

The offer price per share is expected to be announced on or around March 19, following the completion of a book-building process, Haleon said in a statement.

The sale of 630 million shares would be worth about £2.03 billion (€2.37 billion), according to Haleon's Friday closing price.

Shares in the FTSE 100-listed company dropped 2.2% to 315 pence (€3.68) in early trading on Monday.

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GSK Spinoff

Haleon, which makes household brands such as Sensodyne toothpaste and Advil painkillers, was spun out of British drugmaker GSK in July 2022. It was formed in 2019 by merging GSK and Pfizer's consumer healthcare businesses.

GSK has since sold down its stake in the company, with the last sale in January bringing down its shareholding to 4.2% from the 12.9% it initially retained in the business. It is Haleon's second-largest shareholder.

Share Repurchase

Haleon will also repurchase shares worth about £315 million (€368.55 million) from Pfizer off-market, it said on Monday.

The London-listed company last month announced plans to buy back £500 million (€584.40 million) of its shares this year amid firm demand for its products and progress in reducing debt.

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