GSK sells US$1 billion discounted stake in spin-off Haleon

British drugmaker GSK on Friday (May 12) sold 240 million shares in its consumer healthcare business Haleon at 335 pence per share, raising about £804 million (S$1.34 billion), the company said.

Haleon, the world’s biggest standalone consumer health company, comprising assets from GSK and Pfizer, sells non-prescription drugs, vitamins and oral care products.

The sale price represents a 2.3 per cent discount to Haleon’s closing price of 342.85 pence on Thursday and lowers the stake of GSK, the second-largest shareholder, to 10.3 per cent.

Haleon shares rose 2.2 per cent to 350.5 pence in early trade while GSK gained 1.3 per cent.

Haleon last week reported quarterly profit below expectations, citing higher costs that squeezed margins.

Sensodyne maker Haleon was formed in July 2019 with the merger of GSK and Pfizer’s consumer healthcare businesses. It was spun out and listed on the London Stock Exchange in July 2022.

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GSK and Pfizer have agreed to not sell any further Haleon shares for 60 days.

Pfizer told the Financial Times newspaper last week that it intends to offload its stake in a “slow and methodical” manner within months. REUTERS