Pfizer Set to Raise $3.3 Billion in Final Haleon Stake Sale
(Bloomberg) -- Pfizer Inc. is poised to raise about £2.55 billion ($3.3 billion) through the sale of its remaining 7.3% stake in Haleon Plc, culminating a years-long separation from the maker of Sensodyne toothpaste.
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The pharmaceutical giant is offering about 618 million shares through a placement with investors, according to terms seen by Bloomberg. The shares are likely to price at £3.85 apiece — a 1.6% discount to Haleon's closing price — with investor demand exceeding the size of the offering by multiple times, the terms showed.
Pfizer will also sell around £170 million worth of shares back to Haleon in an off-market share repurchase transaction.
Haleon was formed in 2022 from a combination of GSK Plc and Pfizer's consumer-health units. American depositary receipts for the consumer health company fell as much as 2.9% on the stake sale news, before erasing the drop.
Pfizer has been trimming down its stake in Haleon, most recently raising £2.5 billion through a block trade in January. The New York-based company has said for years that it planned to exit the Haleon stake. Meanwhile, GSK had previously sold down its holdings of Haleon, completing its separation from the consumer health company last year.
Haleon posted strong results for the fourth quarter of 2024 at its most recent earnings, although it expects improvements this year to be weighted toward the second half.
While some other European companies have expressed alarm at the prospect of tariffs implemented by the US, Haleon has downplayed the impact, with Chief Executive Officer Brian McNamara saying the company has relatively low exposure.
The latest share sale comes amid a flurry of block trades in European stocks, as volatility and high stock prices have prompted shareholders to monetize often long-held positions.
Bank of America Corp., Citigroup Inc. and Goldman Sachs Group Inc. are leading the stock sale.
(Updates with latest price guidance)
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