By David Sachs

GSK said it will sell its remaining stake in Haleon, ending its gradual disposal of shares in the company.

The British pharmaceutical company said Thursday that it plans to sell about 385 million ordinary shares in the London-listed consumer healthcare company, or about 4.2% of Haleon's share capital. The shares are valued at about GBP1.27 billion ($1.61 billion), based on Haleon's current market capitalization.

The price will be determined by an accelerated bookbuilding offering process that will start immediately, GSK said.

Haleon was formed in 2019 via the merger of GSK and pharmaceutical giant Pfizer's consumer-healthcare businesses into a new joint-venture, before being spun out and listed on the London Stock Exchange in 2022.

Write to David Sachs at

(END) Dow Jones Newswires

05-16-24 1228ET