Pfizer Sells $3.3 Billion Stake in Sensodyne Maker Haleon, Reports Reuters

By Shanima A

Pfizer has divested a portion of its stake in British consumer healthcare group Haleon for approximately $3.26 billion, reducing its ownership in the manufacturer of well-known products such as Sensodyne toothpaste and Panadol and Advil painkillers from 22.6% to 15%.

Following the announcement, Haleon’s shares experienced a decline of 1.2%, trading at 388 pence in the morning session on Tuesday. The Pfizer shares were sold at 380 pence each, reflecting a 3.3% discount compared to Haleon’s previous closing price.

Despite the sale, Pfizer remains the largest shareholder in Haleon and indicated last year its intention to gradually reduce its stake over the coming months. Initially, Pfizer planned to sell around 540 million shares in Haleon, but due to strong demand, this figure was increased by 100 million shares.

In a related transaction, Haleon confirmed it will repurchase approximately 60.5 million shares from Pfizer for a total of £230 million (around $307.4 million) at the same price.

BofA Securities and Goldman Sachs International served as joint global coordinators and bookrunners for the share sale.

Earlier this year, Pfizer sold approximately $3.5 billion in Haleon shares in March, while GSK disposed of its entire stake in May.

In a recent forecast, Haleon projected strong organic operating profit growth in 2024, driven by heightened demand for its oral care products and vitamins.