GSK nets £1.2bn after selling final stake in Sensodyne maker Haleon
Haleon was spun out of GSK as a standalone business listed on the London Stock Exchange in July 2022.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.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.