Pfizer Reduces Stake in Haleon, Raising Over $2 Billion in Share Selloff

1. Pfizer is lowering its stake in Haleon, a consumer health spinoff formed through a joint venture with GSK, from 32% to approximately 24%.
2. This reduction involves selling around 630 million shares, potentially generating over $2.5 billion for Pfizer.
3. Haleon will repurchase shares valued at approximately £315 million ($400 million) from Pfizer.
4. The move aligns with Pfizer's strategy to focus on developing and commercializing innovative medicines while divesting from less strategically aligned business segments.
5. GSK had already sold a portion of its Haleon shares earlier, leaving them with a 4.2% stake.
6. The initial joint venture between Pfizer and GSK was created in 2018, and Haleon became a publicly listed standalone company in July 2022.
7. Pfizer's decision to sell follows a similar pattern observed in the industry, where major pharma companies like Johnson & Johnson have separated from their consumer health divisions.