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GSK raises $1.1 billion from Haleon stake sale
Global Banking & Finance Review®
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(Reuters) -British drugmaker GSK on Friday said it raised 885.6 million pounds ($1.08 billion) from a stake sale in Haleon, bringing down its shareholding to 7.4% in the world’s largest standalone consumer healthcare firm.
(Reuters) -British drugmaker GSK on Friday said it raised 885.6 million pounds ($1.08 billion) from a stake sale in Haleon, bringing down its shareholding to 7.4% in the world’s largest standalone consumer healthcare firm.
The sale of 270 million shares at 328 pence apiece, represented a discount of about 2.5% to Haleon’s last close of 336.25 pence on Thursday.
GSK earlier this year sold 240 million shares in Haleon to raise about 804 million pounds ($1 billion), and lowered its stake to 10.3% from 12.9% it initially retained in the business.
Haleon was formed in 2019 through a merger of GSK and Pfizer’s consumer healthcare businesses. It was spun out and listed on the London Stock Exchange in July 2022.
Pfizer, which holds a 32% stake in Haleon, said in May it plans to cut its ownership in a “slow and methodical” manner within months.
($1 = 0.8216 pounds)
(Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema)
A stake sale refers to the process of selling a portion of ownership in a company, often to raise capital or reduce debt. This can involve selling shares to investors or other companies.
The London Stock Exchange is one of the largest stock exchanges in the world, located in London, England. It facilitates the buying and selling of shares in publicly traded companies.
Corporate bonds are debt securities issued by companies to raise capital. Investors who purchase these bonds are essentially lending money to the company in exchange for periodic interest payments and the return of the bond's face value at maturity.
Shareholding refers to the ownership of shares in a company. Shareholders are entitled to a portion of the company's profits and may have voting rights in corporate decisions.
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