GSK Cuts More Stake In Its Spun-Off Consumer-Healthcare Business Haleon, Raises Over £900M

Tuesday, GSK plc GSK announced to sell 300 million ordinary shares in Haleon plc HLN at 326 pence per share, raising gross proceeds of approximately £978 million.

Following the settlement of the Placing, GSK will hold approximately 385 million ordinary shares in Haleon, representing approximately 4.2% of the issued share capital of Haleon.

GSK and Pfizer Inc PFE (which holds a 32% stake in Haleon) have each undertaken not to dispose of any further shares in Haleon for 60 days following settlement of the Placing. 

The current disposal marks that GSK has sold a stake in the Sensodyne toothpaste maker for the third time in less than a year, further reducing its holding in the business.

Related: FDA Panel Says Popular OTC Cold, Allergy Medicine Might Be Useless – Stocks To Watch.

In October, GSK raised £885.6 million (around $1.08 billion) by selling some of its shares in Haleon, reducing its stake in the consumer-healthcare business to around 7.4%.

In May, GSK sold 240 million shares of Haleon 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.

Also Read: Major Buyout Firms Eye Sanofi’s Consumer Health Division Spinoff Valued Over $20B.

U.S. pharma giant Pfizer holds a 32% stake in Haleon and said it plans to cut ownership in a “slow and methodical” manner within months.

Price Action: GSK shares are up 0.28% at $39.99, and HLN shares are down 1.41% at $8.37 during the premarket session on the last check Wednesday.