(Alliance News) - GSK PLC on Tuesday said it intends to sell around GBP1.00 billion worth of shares in Haleon PLC, as it continues to reduce its shareholding in the Weybridge, Surrey-based consumer healthcare spin-off.

Brentford, West London-based pharmaceutical company GSK said it will sell around 300 million shares in Haleon, around 3.2% of its investee's share capital. At current market prices, the shares being sold are worth GBP1.00 billion.

Shares in GSK closed down 0.1% to 1,579.20 pence each in London on Tuesday, while Haleon shares closed down 0.1% to 333.80p each.

Following the demerger and listing of Haleon in July 2022, GSK initially retained a 13% stake in Haleon.

After disposals in May and October last year, this was reduced to 7.4% through the aggregate sale of 510 million shares.

This will now be reduced to around 4.2%, after a placing of shares under disposal to institutional investors.

GSK and Pfizer Inc, a New York-listed pharmaceutical firm which holds a 32% stake in Haleon, have both agreed to not dispose of any shares in the company for a period of 60 days after the date of settlement of the latest sale.

Pfizer shares were down 0.8% to USD28.46 each in New York around midday.

By Greg Rosenvinge, Alliance News senior reporter

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