GSK raises $1.24 billion from latest Haleon stake sale
Reuters
Published Jan 16, 2024 16:58
Updated Jan 17, 2024 18:53
(Reuters) -GSK has raised 978 million pounds ($1.24 billion) from a discounted sale of a stake in its spun-off consumer healthcare business Haleon (LON:HLN), the British drugmaker said on Wednesday.
GSK sold around 300 million shares in Haleon at 326 pence per share, cutting its shareholding in the world's largest standalone consumer healthcare company to 4.2%.
The disposal marks the third time GSK is selling a stake in the Sensodyne toothpaste maker in less than a year, reducing its holding from the 12.9% stake initially retained in the business.
Haleon was formed in 2019 by merging GSK and Pfizer (NYSE:PFE)'s consumer healthcare businesses. Pfizer holds a 32% stake in Haleon, according to GSK.
GSK had raised 885.6 million pounds ($1.12 billion) from a discounted stake sale in Haleon in October last year.
After Wednesday's sale, GSK could remain the second largest shareholder in Advil-maker Haleon, according to LSEG data.
GSK had earlier said that the Haleon spin-off and subsequent stake sales would allow the company to sharpen its focus on vaccines and infectious diseases and fund deals to bolster a lacklustre drug pipeline.
Shares in Haleon closed at 333.6 pence, while GSK closed at 1,581 pence at the end of Tuesday's trading.
($1 = 0.7916 pounds)
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Written By: Reuters
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