Pfizer to Exit Stake in Haleon Consumer Health Business
Pfizer announced plans to divest its ownership interest in Haleon, a new independent company formed by the demerger of GSK's consumer healthcare business. Haleon is set to list on the London Stock Exchange in July.
NEW YORK – Pfizer Inc. announced Wednesday its intention to exit its ownership stake in Haleon plc, a newly independent company created from the demerger of GSK plc's consumer healthcare business. Following Haleon's expected listing on the London Stock Exchange in July 2022, Pfizer will retain approximately a 32% ownership interest.
The pharmaceutical giant stated its plan to "disciplinedly" exit this stake, aiming to maximize value for its shareholders. This move aligns with Pfizer's strategy to concentrate on its core business of innovative medicines and vaccines.
Haleon was initially formed as a joint venture in 2019, combining the consumer healthcare businesses of Pfizer and GSK. Under the terms of the original transaction, Pfizer held a 32% stake and GSK held 68%. As part of the demerger, GSK will distribute approximately 80% of its interest to its shareholders, retaining about 13.6%.
Haleon also intends to list American Depositary Shares (ADSs) on the New York Stock Exchange. Two Pfizer representatives are expected to join Haleon's board of directors upon completion of the demerger. Financial advisors for Pfizer in this transaction include Morgan Stanley & Co. LLC and Guggenheim Securities, LLC.