Pfizer sells bigger-than-expected stake in Haleon

Haleon said on Tuesday that Pfizer has sold a larger-than-expected stake in the consumer healthcare group, taking its interest down to 22.6% from 32%.

Pfizer was planning to sell around 630m shares in a public offering but the size of the offering was increased to just over 790.5m.

Haleon sold 594m ordinary shares at £3.08 each and 196.5m American Depository Shares (ADR) at $7.85 each. It raised around £1.8bn and $1.5bn, respectively.

The maker of Sensodyne toothpaste and Panadol said it has also agreed to buy back 102.2m ordinary shares from Pfizer off-market for around £315m.