GSK, the British drugmaker, has raised $1.52 billion from the sale of its remaining stake in consumer healthcare company Haleon. The sale will enable GSK to concentrate on its core areas of vaccines, cancer, and infectious diseases, aligning with CEO Emma Walmsley’s strategy to increase profitability.
GSK, the pharmaceutical giant, has sold approximately 385 million shares, representing a 4.2% stake, in Haleon at a price of 324 pence per share. This sale was made at a discount of around 2.5% compared to Haleon’s closing price of 332.4 pence on Thursday.
Haleon, which was formed through the merger of GSK and Pfizer’s consumer healthcare businesses in 2019, saw its shares decline by as much as 1.7% in morning trading. As of 0730 GMT, the shares were down 0.7% at 330.1 pence. GSK’s shares also experienced a 0.7% decline.
In July 2022, GSK spun out and listed Haleon, a company in which it initially owned nearly 13%, on the London Stock Exchange. GSK has announced that it has earned a total of £3.9 billion from the sales of its Haleon holdings, which were conducted in four transactions over just over a year. Currently, Pfizer is the largest shareholder in Haleon, holding close to a 22.6% stake. However, in March, Pfizer sold a $3.5 billion stake in the company.
Haleon, the company behind popular pain-killer Panadol, revealed that its first-quarter revenue fell slightly below market expectations. This was due to reduced volumes caused by retailers in the U.S. destocking their inventory and a decline in demand for certain medicines after a surge in sales last year.