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Pfizer is selling its remaining stake in Sensodyne maker Haleon, three years after it spun off the consumer healthcare group.
Haleon was created through the merger of GSK and Pfizer’s consumer healthcare businesses in 2019.
It is now a FTSE 100 company with brands including Sensoydyne, Panadol and Advil painkillers.
Pfizer still owns about 7.3% of the company, making it the largest shareholder. GSK sold its remaining stake in May last year.
Under the deal, Haleon will purchase around £170m of Pfizer’s stake in an off-market transaction while the rest will be sold to investors, the companies said today.
This is likely to land Pfizer around £2.5bn, with 618 million shares set to be placed with investors at about £3.85 a share, according to terms seen by Bloomberg.
“Today’s transaction is an important milestone for the business and marks Pfizer fully exiting its stake in Haleon, having been at 32% at the time of demerger in July 2022,” said Haleon CEO Brian McNamara.
“Nearly three years on from demerger, Haleon is in a position of strength and is well placed to capitalise on the significant opportunities ahead.”
Haleon reported a rise in annual profits last year as it saw a boost in demand for oral hygiene and multivitamin products.
The business saw operating profit rise 10.5% to £2.5bn although revenue slipped 0.6% to £11.2bn.
Brands like Sensodyne toothpaste and Centrum multivitamins saw sales grow 6.3%, partially offsetting declines across pain relief and respiratory health.
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