In a strategic financial move, pharmaceutical powerhouse GSK (formerly GlaxoSmithKline) announced on Wednesday that it has successfully divested a significant portion of its stake in Haleon PLC. The latest sale of shares in its former subsidiary has generated an impressive £978 million ($1.24 billion), showcasing GSK’s commitment to reshaping its portfolio.
GSK Sells £978M Worth Of Shares in Haleon PLC : Substantial Sale Details
GSK confirmed the sale of 300 million shares in Haleon, the renowned British healthcare company responsible for Panadol painkiller, to institutional investors at 326 pence each. This move aligns with GSK’s vision to concentrate its resources on vaccines and specialty medicines, emphasizing its strategic shift in the pharmaceutical landscape.
The pharmaceutical giant clarified that it would retain 385 million ordinary shares in Haleon post-settlement, amounting to approximately 4.2% of Haleon’s issued share capital.
GSK Sells £978M Worth Of Shares in Haleon PLC : Serial Stake Sales
This marks the third instance in under a year that GSK has trimmed its stake in Haleon PLC, demonstrating a significant reduction from the initial 12.9% ownership in the business. GSK’s earlier sell-offs, in October and May 2023, netted approximately £885 million, indicating a deliberate and calculated strategy to optimize its portfolio.
Future Implications and Commitments
GSK revealed its long-term strategy, articulated in June 2022, focusing on biopharmaceutical products and prioritizing investment in innovative vaccines and specialty medicines. The company’s commitment to this strategy is underscored by its decision to retain a minority stake in Haleon.
