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Pfizer has reduced its stake in the British healthcare company Haleon PLC to 7.3% by selling £2.5 billion ($3 billion) worth of shares, according to a bookrunner for the sale.

J.P. Morgan Securities PLC reported Wednesday that Pfizer Inc. has cut its total interest in Haleon by 7.7%, down from 15% of the company’s total voting rights.

The pharmaceutical giant sold 700 million shares in Haleon, which produces popular brands such as Sensodyne toothpaste and Advil painkillers, to institutional investors at 357 pence each. This sale price represented a 2.8% discount from Haleon’s closing price of 367.10 pence on Tuesday in London.

The sale was conducted through an accelerated bookbuild, where underwriters invite investors to place bids in a brief timeframe. In addition to J.P. Morgan Securities, several other major financial institutions participated, including Morgan Stanley, HSBC, BNP Paribas, UBS, and Mizuho International PLC as joint bookrunners. BofA Securities, Deutsche Numis, Goldman Sachs International, and Loop Capital Markets acted as co-managers for the sale.

No shares were sold by Haleon itself, and Pfizer will receive the full proceeds from the transaction. The shares are expected to change hands on Jan. 17, provided that customary closing conditions are met.

Under the terms of a lock-up agreement, Pfizer has agreed not to sell any further shares in Haleon for at least 60 days.

In October, Pfizer had sold 640 million Haleon shares to investors at 380 pence each, raising about £2.43 billion. At that time, Haleon also bought back more than 60.5 million shares from Pfizer in a separate transaction, valued at around £230 million. These actions brought Pfizer’s stake in Haleon down from 22.6% to 15%.

Haleon was created in 2019 following the merger of GSK and Pfizer’s consumer healthcare divisions. GSK has since divested its remaining stake in the company.