Pfizer Inc (NYSE:PFE, ETR:PFE) plans to sell around 700 million shares of Haleon PLC (LSE:HLN, NYSE:HLN), representing a 7.7% stake, via a secondary offering through an accelerated book-building process targeting institutional investors.
Currently holding 15% of the Panadol maker, Pfizer expects to reduce its interest to about 7.3 per cent upon completion.
Proceeds from the sale will go directly to Pfizer, with Haleon not issuing or selling shares in the transaction.
JP Morgan and Morgan Stanley (NYSE:MS) are leading the offering, supported by other major financial institutions.
Pfizer has agreed to a 60-day lock-up period after the sale, restricting further transactions in Haleon shares. Completion is subject to standard closing conditions.