Shares in Haleon PLC, the consumer healthcare business being spun out by GlaxoSmithKline PLC and Pfizer Inc (NYSE:PFE), are expected to begin trading as an independent company on the London Stock Exchange on 18 July.
The FTSE 100-listed pharma group said it has filed a prospectus for the submission of Haleon’s ordinary shares to the stock market with the Financial Conduct Authority, which are currently awaiting approval.
An application to list American Depositary Shares in Haleon on the New York Stock Exchange will be made “shortly”, said GSK, which currently holds a controlling interest of 68% to Pfizer's 32%.
GSK plans to consolidate its shares following the demerger and said it will enter into new agreements with Pfizer and Haleon.
With Dave Lewis appointed non-executive chair of the new company's board last December, the latest board appointees are Asmita Dubey, Marie-Anne Aymerich and Bryan Supran.
Oral health accounts for 28.5% of Haleon's revenue (with brands such as Sensodyne), another 23.4% from digestive health and pain relief (Panadol, Advil, Voltaren, Tums) and other sectors such as respiratory health accounting for about a fifth of its revenue (Theraflu, Otrivin, Centrum, Chapstick).
Following the demerger, GSK said it will “focus purely on biopharmaceuticals” and invest in new vaccines and medicines. The pharma group expects annual growth in its sales to exceed 5% in the coming five years, together with a 10% or more yearly uplift in its operating profit, after its exit from the consumer healthcare business this July.
The news comes hot on the heels of the pharma group’s announcement yesterday that it will pay US$2.1bn to buy Affinivax, a vaccine business focused on pneumococcal vaccines combating diseases such as pneumonia and meningitis, in addition to a $1.2bn earnout.
Pfizer meanwhile announced last week that it will offer vaccines and other available medicines to low-income countries as part of a non-profit global rollout of its products. Its latest annual results showed Pfizer had made US$42.6bn from the sale of vaccines in 2021, most of which came from its Covid-19 shot.
Its shares were up 0.3% on Wednesday to 1,737.38p, up 8.7% so far this year.