Pharmaceutical giant Pfizer Inc. announced on Tuesday that it has reduced its stake in British consumer healthcare company Haleon PLC by selling 640 million shares, raising approximately £2.43 billion ($3.24 billion) in the process. This move further decreases Pfizer’s investment in Haleon, which is known for its well-recognized brands like Sensodyne toothpaste and Advil painkillers.
Pfizer Sells Shares In Haleon : Details of the Share Sale
Pfizer sold its Haleon shares at 380 pence per share, reflecting a sizable stake in the company. The sale marks another step in Pfizer’s gradual exit from Haleon, following the company’s listing on the FTSE 100 index of the London Stock Exchange and the New York Stock Exchange in July 2022.
Haleon did not participate in the public share sale and will not receive any of the proceeds. However, it has agreed to buy back 60.5 million shares from Pfizer in a separate off-market transaction worth approximately £230 million. This buyback aligns with Haleon’s strategy of returning £500 million to shareholders through share repurchases this year.
Strategic Buyback Initiative
Haleon CEO Brian McNamara commented on the buyback, stating, “Our purchase of shares from Pfizer will successfully deliver on our commitment to return £500 million to shareholders through share buybacks this year.” He added that the move was consistent with Haleon’s capital allocation priorities aimed at driving attractive shareholder returns while maintaining a strong balance sheet.
