GSK sells 2.5% Haleon stake at discount for £804m

UK pharmaceuticals company GSK said it had sold a 2.5% stake in Haleon at 335p a share, raising £804m.

The sale, a 2.3% discount to Haleon's closing price of 342.85pon Thursday, leaves GSK with a 10.3% stake in the world's biggest consumer health firm, with Pfizer holding 32%. Both have undertaken not to dispose of any further shares in Haleon for a period of 60 days following settlement of the placing.

Haleon is made up of assets from GSK and Pfizer, selling non-prescription drugs, vitamins and oral care products such as Sensodyne toothpaste. It was formed in July 2019 as GSK and Pfizer merged their consumer healthcare businesses. It was spun out and listed on the London Stock Exchange last July.

Last week, the firm reported quarterly profit below expectations as higher costs squeezed margins.

Pfizer last week told the Financial Times newspaper last week that it intends to offload its stake in a "slow and methodical" manner within months.

Reporting by Frank Prenesti for Sharecast.com