Pfizer (NYSE:PFE), the U.S. pharmaceutical giant, is set to further reduce its ownership in the consumer healthcare company Haleon.
According to a bookrunner, Pfizer intends to sell approximately 540 million shares of Haleon, which would decrease its stake to 16.2%.
In a separate announcement, Haleon revealed it had agreed to an off-market purchase of about £230 million ($308.18 million) worth of ordinary shares from Pfizer.
This comes after Pfizer's previous sale in March, where the U.S. pharmaceutical giant divested around $3.5 billion worth of its stake in Haleon.
That marked the first such transaction since Haleon was spun off from GSK (NYSE:GSK) and listed on the London Stock Exchange in 2022.
Pfizer had previously indicated plans to reduce its ownership in Haleon "slowly and methodically."