GSK raises $1.5 billion from sale of remaining Haleon stake
British drugmaker GSK has raised 1.25 billion pounds ($1.52 billion) from a sale of its remaining stake in consumer healthcare company Haleon to institutional investors.
British drugmaker has raised 1.25 billion pounds ($1.52 billion) from a of its remaining in company to institutional investors.The sale allow to sharpen its focus on , and , which are part of CEO 's plans to boost earnings at the drugmaker.
GSK sold around 385 million at 324 pence each, amounting to a 4.2% stake in Haleon. Friday's was at a discount of about 2.5% to Haleon's last close of 332.4 pence on Thursday.
Shares in Haleon, created in a merger of GSK and 's consumer healthcare businesses in 2019, fell as much as 1.7% in morning trade, down 0.7% at 330.1 pence by 0730 GMT. GSK also down 0.7%.
Haleon, in which GSK initially owned nearly 13%, was spun out and listed on the London Stock Exchange in July 2022.
GSK said total proceeds from sales of its Haleon holdings - four in just over a year - stood at 3.9 billion pounds.
The company was the second-largest Haleon shareholder after Pfizer, which currently holds close to a 22.6% after selling a $3.5 billion stake in March. Pfizer remains Haleon's biggest shareholder.
Haleon, which also makes pain-killer Panadol, reported first-quarter slightly below market estimates in early May on lower volumes amid retailer destocking in the U.S. and cooling for some of its medicines after a surge last year. ($1 = 0.7898 pounds)
Source: Stocks-Markets-Economic Times
