GSK Trims Stake On Consumer Business Spin Off, Raises £804M

GSK Plc GSK sold 240 million shares of its spun-out consumer healthcare group Haleon Plc HLN in a move that has raised £804 million for the firm.

The offloaded shares are equivalent to up to 2.5% of Haleon's issued share capital.

Following the settlement of the placing, GSK will hold 955 million ordinary shares in Haleon, representing approximately 10.3% of its issued share capital.

GSK and Pfizer Inc PFE – which hold a 32% stake in Haleon – have each undertaken not to dispose of any further shares in the business for 60 days following settlement. The offer price of 335 pence per share represents a 2.3% discount to Haleon's closing price of 342.85 on Thursday. 

Haleon - which includes well-known brands such as Sensodyne and Voltaren - was formed in July 2019 between GSK and Pfizer via the merger of their consumer healthcare businesses into a new joint-venture company.

It was spun out and listed on the London Stock Exchange last July.

Pfizer's CFO, Dave Denton, told the Financial Times that it intends to offload the stake in Haleon in a "slow and methodical" manner within months.

Price Action: HLN shares are down 0.17% at $8.74 on the last check Friday.