British consumer healthcare firm Haleon (HLNCF) announced on Monday that Pfizer (NYSE:PFE), its largest shareholder, intends to reduce its stake in the company to approximately 24%.
The company’s shares fell 1.8% in London.
Currently, Pfizer owns a 32% share of Haleon and had previously stated its plan to reduce this stake in a "slow and methodical" way over the coming months. Haleon noted that the specific price per share for this transaction is expected to be disclosed around March 19, after a book-building process is completed.
Moreover, the Weybridge, England-based company revealed plans to buy back shares worth around 315 million pounds directly from Pfizer in an off-market transaction.
The maker of Sensodyne toothpaste and Advil painkillers was spun off from British pharmaceutical giant GSK in July 2022. It was initially formed in 2019 through the merger of the consumer healthcare divisions of GSK and Pfizer.
Following the spin-off, GSK has progressively reduced its ownership in Haleon. The most recent sale in January decreased GSK's stake to 4.2% from the 12.9% it held after the business was initially established.
GSK remains the second-largest shareholder in Haleon.