Pfizer plans to exit its 32 per cent stake in Haleon, its consumer health joint venture with British drugmaker, after the business is spun off as an independent listed company in July, GSK said today.
Pfizer previously signalled it would seek to sell its shareholding in Haleon, which is home to Sensodyne toothpaste and Advil painkillers, but GSK said in February that the US drugmaker would retain its stake.
GSK also said that Pfizer would exit its investment in a “disciplined manner.”
GSK said it had applied to Britain’s regulator to list Haleon on the London Stock Exchange on 18th July and would apply to list it on the New York Stock Exchange shortly.
Before the spinoff, the holding company for the consumer health business will pay dividends to GSK and Pfizer. That will translate to GSK receiving cash proceeds of more than seven billion pounds ($8.8 billion) at separation, GSK said.
GSK, which will retain its focus on pharma and vaccines, now has a 68 per cent controlling interest Haleon.
Following the demerger, at least 54.5 per cent of the total issued ordinary share capital of Haleon will be held by GSK shareholders, while up to six per cent will be held by GSK, the British drugmaker said.
Edits by EP News Bureau