GSK to cut its Haleon stake in $1B share sale

• GSK (NYSE:GSK) announced Thursday its plans to sell as much as £823M ($1B) worth of stock in its consumer health spinoff Haleon (NYSE:HLN), days after its U.S. rival Pfizer (PFE) announced a similar move.
• The U.K. drugmaker said it expects to sell up to 240M shares of Haleon (HLN) via a placing to institutional investors, indicating up to 2.5% of its issued share capital.
• The company added that the offer price would be based on an accelerated bookbuild process, which is set to start immediately. GSK’s (GSK) current ownership in Haleon (HLN) stands just below 13%.
• Established as a combination of consumer health units of GSK (GSK) and Pfizer (PFE), Haleon (HLN), which houses brands such as Sensodyne toothpaste, TUMS digestive aids, and Voltaren gel, was spun out last year.
• Days ago, Pfizer (PFE), which currently owns a 32% ownership in Haleon (HLN), also announced plans to sell its stake in the coming months.

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