Haleon PLC (LSE:HLN, NYSE:HLN) has bought roughly £170 million of its shares back from former parent company Pfizer Inc (NYSE:PFE, ETR:PFE).
The FTSE 100-listed maker of toothpaste and vitamins paid 385p per share for the off-market purchase, which is part of a previous agreement when Haleon was spun out in 2022 that its former parent companies, GSK being the other, would eventually cut their stakes.
Haleon said the purchase will represent a portion of the £500 million it allocated to share buybacks this year in its announcement last month.
It is also a portion of a sale that Pfizer is making of Haleon shares to institutional investors, following which it will no longer have a stake in the UK company.
Haleon CEO Brian McNamara said: "Today's transaction is an important milestone for the business and marks Pfizer fully exiting its stake in Haleon, having been at 32% at the time of demerger in July 2022."