Pfizer plans to significantly reduce its ownership stake in consumer healthcare company Haleon. According to a filing, the drugmaker will sell 630 million shares (valued at roughly €2.96 billion) in a public offering, reducing its stake from 32% to 24%. Haleon will concurrently repurchase approximately €457 million worth of its shares from Pfizer.
Reasons for the Move
This sale aligns with Pfizer's previously announced strategy of gradually divesting its Haleon stake. Proceeds will help reduce debt incurred from Pfizer's Seagen acquisition and allow for increased shareholder returns.
Industry Context
Pfizer's move follows a trend in the pharmaceutical sector as companies divest consumer health and generics businesses to focus on the development of innovative, higher-profit medicines. Both GSK (Haleon's former parent) and Johnson & Johnson have made similar strategic shifts
