Pfizer Inc. has generated approximately £2.4 billion ($3.2 billion) through the sale of Haleon Plc shares, as the U.S. pharmaceutical giant continues to scale down its ownership in the UK-based consumer health company.
Initially offering 540 million shares, Pfizer increased the sale to 640 million due to strong demand, according to Bloomberg News. The oversubscribed offering was priced at £3.80 per share, about 3.3% lower than Monday’s closing price, the company said in a statement on Tuesday.
In a related move, Haleon has agreed to repurchase approximately £230 million worth of shares from Pfizer at the offering price.
By Tuesday morning, Haleon’s shares were trading slightly lower, down 0.5% at £3.91 on the London Stock Exchange.
Haleon was formed through the merger of the consumer health units of GSK Plc and Pfizer. With the latest sale, Pfizer has reduced its stake in the company from 22.6% to 15%.
This transaction is part of a broader trend of more than $50 billion in sales of new and existing shares by companies listed in Europe this year, representing a 2.3% increase compared to the same period in 2023, according to Bloomberg data.
Earlier in March, Pfizer began reducing its ownership in Haleon, selling over £2.8 billion worth of shares and American depositary shares (ADS). The company did not include any ADS in the latest sale.
GSK, which has also divested its shares in Haleon, completed its separation from the consumer health company in May, raising nearly £4 billion through share sales.
