Pfizer raises US$3.2 billion by selling part of Haleon stake

PFIZER has raised about US$3.2 billion from the sale of Haleon shares, as it further reduces its stake in the UK consumer health company. 

The US pharmaceutical firm increased the number of shares to 640 million from 540 million after the sale had begun, according to terms of the deal seen by Bloomberg News. The oversubscribed offering was priced at £3.80 (S$6.52) per share, a discount of about 3.3 per cent to Monday’s close, according to a statement on Tuesday (Oct 1).

Separately, Haleon agreed to buy around £230 million worth of its shares from Pfizer at the price set in the offering. 

The deal adds to more than US$50 billion in sales of new and existing shares in European listed companies this year, a 2.3 per cent increase on the corresponding period in 2023, according to data compiled by Bloomberg.  

Haleon was formed from a combination of GSK and Pfizer’s consumer-health units. The company makes a wide range of products, including Panadol pain relief tablets and Centrum vitamins.

In March, Pfizer began trimming its ownership of Haleon, selling more than £2.8 billion worth of shares and American depositary shares (ADS) in the company. The US firm is not selling any ADS in the current offering, the statement shows. 

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GSK has also sold down its holdings of Haleon, completing its separation from the consumer health company in May, with share sales raising nearly £4 billion in total. BLOOMBERG