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Investing.com -- Pfizer Inc. (NYSE:PFE) is set to sell its remaining 7.3% stake in Haleon Plc, bringing an end to its years-long association with the company that produces Sensodyne toothpaste. The pharmaceutical giant is planning to offer approximately 618 million shares to investors, according to Bloomberg.
The transaction could generate up to around £2.4 billion ($3.1 billion), based on price guidance of 383 pence to 385 pence per share. The demand from investors is reported to exceed the size of the offering by several times.
In addition to the public offering, Pfizer has plans to sell about £170 million worth of shares back to Haleon in an off-market share repurchase transaction.
Haleon was created in 2022 as a result of a merger between GSK Plc and Pfizer’s consumer-health units. Upon the announcement of Pfizer’s stake sale, American depositary receipts for the consumer health company experienced a decline of as much as 2.9%, before recovering from the drop.
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