Pfizer to Receive 2.66 Billion Pounds From Haleon in Share Deal

By Ian Walker and Michael Susin

Pfizer will receive around 2.66 billion pounds ($3.56 billion) in aggregate from Haleon from an offering and a share buyback.

Goldman Sachs International said Tuesday that the pharmaceutical company sold 640 million ordinary shares in British consumer-healthcare business Haleon at 380 pence a share.

The sale price is a 3.3% discount to Haleon's closing price of 392.90 pence on Monday. The sale was conducted via an accelerated book-building process.

In addition to the offering, Goldman Sachs said that Haleon on Monday agreed to carry out an off-market purchase of around 60.5 million of its own shares from Pfizer for around 230 million pounds at the same price a share.

As a result, Pfizer will reduce its holding in Haleon to around 15% from around 22.6%.

The settlement of both operations is expected to occur on Thursday, subject to certain conditions.

Haleon was formed in July 2019 from the merger of GSK and Pfizer's consumer-healthcare businesses before being spun off and listed on the London Stock Exchange in July 2022.

GSK sold its remaining stake in Haleon on May 16.

Write to Ian Walker at ian.walker@wsj.com and Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

October 01, 2024 02:55 ET (06:55 GMT)

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