Haleon PLC (LSE:HLN, NYSE:HLN) said Pfizer Inc (NYSE:PFE, ETR:PFE) had sold a larger than expected amount of its shares overnight, scooping roughly £2.4 billion compared to the £2 billion expected, after the public offering was upsized.
The FTSE 100-listed consumer goods company said the US and international offer had been priced at £3.08 per ordinary share and $7.85 per American Depositary Shares.
Having initially planned to sell 630 million shares, the upsizing of the offer saw Pfizer sell 790.55 million Haleon shares, of which 594 million were ordinary shares and 196.55 million ADS, which each represent two ordinary shares, raising £1.8 billion and $1.5 billion (£1.18 billion) respectively.
Once the offer is complete, Pfizer's interest in Haleon will reduce to 22.6% from 32%.
Haleon is repurchasing £315 million (roughly $400 million) of the shares in the offer as part of a share buyback at the same offer price, part of a £500 million ongoing buyback plan.