British consumer healthcare firm Haleon (LON:HLN) (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 (LON: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.