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Finance

Pfizer sells entire Haleon stake for $3.24 billion

Published by Global Banking and Finance Review

Posted on March 19, 2025

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(Reuters) -Drugmaker Pfizer has sold its entire stake in Haleon for about 2.5 billion pounds ($3.24 billion) to institutional investors and the consumer healthcare firm at 385 pence per share, a bookrunner for the deal said on Wednesday.

Under the deal, Sensodyne maker Haleon has agreed to buy back 44 million shares from Pfizer, currently its largest shareholder, with 618 million shares being sold to institutional investors.

The total sale represents 7.3% of the issued share capital of Haleon, which was created by the merger of GSK and Pfizer's consumer healthcare businesses in 2019. It was spun off from the British drugmaker in 2022.

GSK, which initially owned nearly 13% of the firm, sold its entire stake in May 2024.

Following Pfizer's disposal, BlackRock Investment Management (UK) Ltd, a unit of BlackRock, will become Haleon's largest shareholder with a more than 5% stake, according to data compiled by LSEG.

BofA Securities, Citigroup Global Markets Limited, and Goldman Sachs International are joint global coordinators while Barclays and Deutsche Numis are joint bookrunners for the share sale.

Haleon, which also makes Panadol and Advil painkillers, said in February its 2025 revenue and profit growth would be weighted to the second half of the year.

($1 = 0.7708 pounds)

(Reporting by Anandita Mehrotra in Bengaluru; Editing by Mrigank Dhaniwala)