Haleon PLC (LSE:HLN, NYSE:HLN) said it has agreed to buy £230 million of its own shares from former co-parent Pfizer Inc (NYSE:PFE, ETR:PFE), which offloaded almost a $3.3 billion stake in the Sensodyne maker.
The FTSE 100 consumer health group said made the purchase at a price of 308p per share.
It said the purchase includes 30.2 million shares, worth approximately £114.6 million, which will be cancelled and represent the remainder of its £500 million share buyback, therefore wrapping up this scheme launched in August.
The rest of the shares will be held as treasury shares for the purposes of satisfying Haleon's obligations under its existing employee share plans in 2025.
Pfizer's stake in Haleon's is expected to fall to 15% from 22.6%.
Brian McNamara, Haleon's chief executive, said the share purchase "marks another milestone" in Pfizer reducing its stake in Haleon since the company was created as a joint venture with GSK, then spun out and listed in July 2022.