By Najat Kantouar


Pfizer plans to cut its stake in Haleon through an accelerated bookbuilding process to institutional investor, starting immediately.

The New York drugmaker said Tuesday that the proposed sale represents approximately 700 million shares in the British consumer-healthcare business, or a stake of roughly 7.7%. Based on Haleon's closing price, the sale is valued at nearly 2.58 billion pounds ($3.15 billion).

The bookbuilding period will start immediately and may close at any time on short notice. Completion and the results of the offering, including the exact number of shares to be sold and the price per share, will be announced as soon as practicable.

The move is expected to reduce Pfizer's stake to about 7.3% of Haleon's issued ordinary shares with voting rights from approximately 15%.

Pfizer will receive all of the net proceeds, while Haleon won't receive any.


Write to Najat Kantouar at najat.kantouar@wsj.com


(END) Dow Jones Newswires

01-14-25 1216ET