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NEW YORK - Pfizer Inc. (NYSE:PFE) is set to sell approximately 700 million ordinary shares in Haleon plc, which represents about 7.7% of the consumer healthcare company's issued share capital. The transaction, announced today, is structured as a secondary offering and will be executed through an accelerated bookbuilding process with institutional investors.
The bookbuilding period began immediately following the announcement and may end abruptly on short notice. The final details, including the number of shares sold and the price per share, will be disclosed once the process concludes.
Pfizer, the American pharmaceutical giant, currently holds a 15.0% interest in Haleon. Completion of the offering is expected to decrease Pfizer's stake to approximately 7.3%. This move comes as Pfizer continues to adjust its portfolio following the separation of Haleon as an independent entity.
The proceeds from the sale will go directly to Pfizer, as Haleon is not issuing new shares nor selling any in this offering. The consumer healthcare company will not receive any proceeds from the transaction.
J.P. Morgan and Morgan Stanley (NYSE:MS) are leading the sale as joint global coordinators and bookrunners. Other financial institutions, including HSBC, BNP PARIBAS, Mizuho (NYSE:MFG), and UBS, are also involved as joint bookrunners, with several co-managers including BofA Securities, Deutsche Numis, Goldman Sachs International, and Loop Capital Markets.
Pfizer has agreed to a 60-day lock-up period following the settlement of the offering, during which it will not transfer or dispose of any remaining equity securities in Haleon, subject to certain conditions and potential waivers by the joint global coordinators.
Investors are advised that this announcement does not constitute an offer to sell and there will be no public offering of the shares. The sale will not include any American depositary shares and will be subject to customary closing conditions.
This report is based on a press release statement and is intended for informational purposes only.
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