Pfizer To Quit GSK's Consumer Health JV Following Its Spin-Off

Pfizer Inc. PFE intends to sell its 32% investment in Haleon, a consumer health joint venture with GSK plc GSK, after the business is spun out as an independent listed company in July, reported Reuters.
Pfizer had previously indicated that it might seek to sell its stake in Haleon, a consumer health company and the maker of Sensodyne toothpaste and Advil pain relievers.
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GSK has filed to the UK's regulator to list Haleon on the London Stock Exchange on July 18 and is expected to apply to the New York Stock Exchange soon. Haleon was poised to generate above market, medium-term annual organic revenue growth of 4% to 6%, GSK stated.
Before the spinoff, the holding company for Haleon will pay dividends to GSK and Pfizer. GSK stated that it would receive more than 7 billion pounds in cash upon separation.
GSK shareholders would own at least 54.5% of Haleon's total issued ordinary share capital following the spinoff, with GSK owning the remaining 6%.
Price Action: PFE shares are trading lower by 0.30% at $52.88 during the premarket session on Wednesday.