Pfizer exits Haleon stake with $3.24 billion divestiture

Drugmaker Pfizer has sold its entire stake in consumer healthcare firm Haleon for approximately 2.5 billion pounds (roughly $3.24 billion), according to sources involved in the transaction.

The deal was executed at a price of 385 pence per share, with institutional investors and Haleon purchasing the shares.

Under the agreement, Haleon – known for brands such as Sensodyne, Panadol, and Advil – will buy back 44 million shares from Pfizer, which was its largest shareholder, while 618 million shares are being sold to institutional investors. This sale represents 7.3% of Haleon’s issued share capital. Haleon was established following the merger of GSK and Pfizer's consumer healthcare businesses in 2019 and was spun off from the British drugmaker in 2022.

Following Pfizer’s divestiture, BlackRock Investment Management (UK) Ltd, a unit of BlackRock, is set to become Haleon’s largest shareholder, holding more than a 5% stake, according to data compiled by LSEG. The deal was coordinated by a team that includes BofA Securities, Citigroup Global Markets Limited, and Goldman Sachs International as joint global coordinators, with Barclays and Deutsche Numis acting as joint bookrunners.

Earlier, GSK – which initially held nearly a 13% stake in Haleon – completed its full exit in May 2024. Haleon, which also manufactures popular painkillers, indicated in February that its revenue and profit growth in 2025 would be weighted towards the second half of the year.

The divestiture underscores Pfizer's strategic decision to refocus its portfolio while enabling Haleon to consolidate its shareholder base as it continues to drive growth in the competitive consumer healthcare market.

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