GSK to Sell Remaining Stake in Haleon Valued at Around $1.27 Billion — Update

By David Sachs

GSK said it will sell its remaining stake in Haleon, ending its gradual disposal of shares in the company formed by a joint venture with Pfizer in 2019.

The British pharmaceutical company said Thursday that it plans to sell about 385 million ordinary shares in the London-listed consumer healthcare company, or about 4.2% of Haleon's share capital. The shares are valued at about GBP1.27 billion ($1.61 billion), according to Haleon's current market capitalization.

GSK has drawn down its stake in Haleon since last May, while U.S. pharmaceutical giant Pfizer reduced its holdings to 22.6% from 32% in March. Haleon was formed in July 2019 from the merger of GSK and Pfizer's consumer-healthcare businesses before being spun off and listed on the London Stock Exchange in July 2022.

GSK will offer the shares to institutional investors, with an accelerated bookbuilding process to determine the final price, the company said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

May 16, 2024 12:46 ET (16:46 GMT)

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