Pfizer exits Haleon, selling remaining stake for £2.4 billion
- Pfizer has divested its entire 7 percent stake in Haleon, raising £2.4 billion.
- The sale included an agreement for Haleon to buy back 44 million shares from Pfizer.
- This transaction signifies Pfizer's complete exit from an investment that began with the formation of Haleon in 2019.
In the UK, Pfizer has sold its last shares in Haleon, generating approximately £2.4 billion. This transaction marks the full exit of Pfizer from its investment in the consumer healthcare company, which was created in 2019 after GSK and Pfizer merged their consumer healthcare operations. Following the demerger, Haleon was separately listed on the London Stock Exchange in July 2022. Pfizer retained a 7.3 percent stake post-flotation, which it gradually sold off as part of a planned divestment strategy. The sale involved placing 618 million shares with institutional investors, which took place at a price of 385p per share, slightly lower than the previous closing price of 391p. Additionally, Haleon has agreed to repurchase 44 million shares from Pfizer for £170 million as part of its broader £500 million share buyback program. The leadership at Haleon, including CEO Brian McNamara, views this transaction as an important step for the company and believes it is well-positioned for future growth. With BlackRock Investment Management now being the largest shareholder, Haleon plans to utilize the proceeds from the share buybacks to reinforce its capital structure and enhance returns for shareholders. The complete exit of Pfizer represents a significant shift in ownership for Haleon, now fully independent after being under Pfizer's joint venture umbrella with GSK for several years. This divestment opens new strategic avenues for Haleon as it pursues its market goals and seeks to leverage its position within the consumer healthcare industry.