GSK PLC (LSE:GSK, NYSE:GSK) said it completed the sale of 300 million shares in Haleon PLC (LSE:HLN, NYSE:HLN), the consumer health giant, netting £978 million, or US$1.23 billion, in the process.
The sum is around US$200 million shy of the cash it is handing over to take over Aiolos Bio, the respiratory and inflammatory diseases specialists.
So, there's a symmetry to the stock sale, even if the funds aren't being recycled to bankroll the acquisition.
The disposal at 326p a share leaves GSK with 4% of the Sensodyne toothpaste and Advil painkiller maker.
Pfizer Inc (NYSE:PFE), the other major investor, has 32% of the business. The American giant and its UK counterpart have agreed not to offload any more Haleon stock for another 60 days.