Pfizer to withdraw from Haleon, the consumer healthcare arm of GSK | Photo credits: GlaxoSmithKline
by Natalie Grover
LONDON, June 1 (Reuters) – Pfizer plans to sell its 32% stake in Haleon, its personal care products and non-prescription drugs joint venture, after it spun off and went public in July, said Wednesday GlaxoSmithKline, the company’s other shareholder.
Pfizer had previously said it wanted to sell its stake in Haleon, which produces Sensodyne toothpaste and Advil painkillers, although GSK said in February that the US manufacturer would retain its stake.
The British group said on Wednesday that Pfizer would withdraw from its investment in a “disciplined manner”.
GSK owns a 68% majority stake in Haleon and will continue to focus on pharmaceuticals and vaccines.
Prior to the split, GSK and Pfizer will receive dividends. GSK said it would receive more than 7 billion pounds (8.22 billion euros) in cash.
Upon completion of the split, GSK shareholders will own at least 54.5% of Haleon’s total ordinary share capital and GSK will own 6%, the company said.
GSK said it had applied to the UK regulator to list Haleon on the London Stock Exchange on July 18 and would shortly apply for listing on the New York Stock Exchange. (Reporting Natalie Grover in London and Ludwig Burger in Frankfurt; French version Dina Kartit, editing by Kate Entringer)