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NEW YORK - Pfizer Inc. (NYSE:PFE) has announced its intention to sell approximately 662 million ordinary shares in Haleon plc, which represents about 7.3% of Haleon’s issued share capital and constitutes Pfizer’s entire remaining stake in the company. The sale will occur through a secondary offering exclusively to institutional investors, with the price to be determined by an accelerated bookbuilding process that began immediately following the announcement.
The disposal of shares will not involve any sale of American depositary shares, as Pfizer no longer holds Haleon shares in this form. All net proceeds from the offering will go to Pfizer, and Haleon will not benefit financially from the transaction since no new shares are being issued or sold by Haleon.
In addition to the offering, Haleon has agreed to buy back shares from Pfizer off-market for approximately £170 million (about $220 million), with the purchase price per share matching the offering price. This buyback is contingent on the offering price not exceeding the closing price of Haleon’s shares on the London Stock Exchange (LON:LSEG) on the day of the announcement and is subject to the conditions outlined in a share purchase deed approved by Haleon’s shareholders on May 8, 2024.
The completion of this disposal will mark Pfizer’s exit from its investment in Haleon. The bookbuilding process for the offering is expected to close swiftly, though the exact timing remains uncertain.
A consortium of financial institutions, including BofA Securities, Citigroup (NYSE:C) Global Markets Limited, and Goldman Sachs International, will act as joint global coordinators and joint bookrunners for the offering. Barclays (LON:BARC) and Deutsche Numis are serving as joint bookrunners, and J.P. Morgan, Morgan Stanley (NYSE:MS), RBC Capital Markets, and Independence Point Securities are co-managers.
This announcement is based on a press release statement and is intended for informational purposes. There will be no public offering of the shares in any jurisdiction, and the sale will comply with all applicable laws and regulations.
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