Pfizer is raising around $4.27 billion from the sale of part of its stake in consumer-healthcare business Haleon. It is selling 790.6 million shares in Haleon, including 594 million ordinary shares at a price of 308 pence and 196.6 million in the form of American depositary shares at $7.85 each. "Pfizer Made Around $3.5 Bln From Haleon Shares Sale," at 0722 GMT, misstated the value and type of the shares. The error also appeared in the flash headline "*Correct: Haleon: Pfizer Sold 790.6M Haleon Shares at GBP3.08 Each," published at 0702 GMT. The correct version follows:


Pfizer is raising around $4.27 billion from the sale of part of its stake in consumer-healthcare business Haleon.

The pharmaceutical giant is reducing its shareholding in Haleon to 22.6% from 32% previously through the disposal of 790.6 million shares in the group, Haleon said on Tuesday.

Pfizer is selling 594 million ordinary shares in Haleon at 308 pence a share--representing a discount of around 7% to Friday's closing price of 332.30 pence--for around 1.83 billion pounds ($2.33 billion).

It also selling 196.6 million American depositary shares at $7.85 each for around $1.54 billion.

Haleon had initially announced that Pfizer would sell 630 million of its shares to bring its stake down to 24%.

The London-listed group also confirmed that it agreed to buy back 102.3 million in its own shares off-market from Pfizer at the same price in pence at as the offer's for around GBP315 million, equivalent to $400.9 million.


(END) Dow Jones Newswires

03-19-24 0602ET