GSK has raised £1.2 billion after offloading its last remaining stake in Sensodyne and Advil firm Haleon, nearly two years after spinning off the consumer healthcare firm.
GSK sold the final shares in Haleon at 324p each, ending a gradual sell-down of its holding in the firm.
It has raised about £3.9 billion in total from the stake sales, which first began in May last year.
GSK's exit of its position in Haleon is consistent with its previous commitments to monetise its holding in a disciplined manner
GSK said: “Following settlement of the placing, GSK will have fully exited its position and will no longer hold any ordinary shares in Haleon.
“GSK’s exit of its position in Haleon is consistent with its previous commitments to monetise its holding in a disciplined manner,” it added.
Haleon was formed in 2019 by the merger of the consumer healthcare businesses of British pharmaceutical group GSK and US rival Pfizer, sitting as a joint venture within GSK.
It was then spun out of GSK as a standalone business listed on the London Stock Exchange in July 2022.
GSK initially retained a 12.9% stake in Haleon after its initial public offering, but both GSK and Pfizer have been selling down their stakes in the company.
Until the recent share sale, GSK had a 4.2% stake, while Pfizer still owns around 24% of Haleon.
Haleon has been pressing ahead with plans to cut its debts, rein in costs and sell off brands to simplify the business.
It recently revealed plans to shut its only manufacturing site in the UK, in Maidenhead, Berkshire, in a move that is set to see 435 jobs axed.
Haleon also agreed a deal in January to offload its ChapStick lip balm brand to private equity-owned Suave Brands Company in a deal worth around 510 million US dollars (£400 million), while it has sold off athlete’s foot treatment Lamisil last year.
This article was written by Holly Williams from The Independent and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.