(May 17): GSK plc will sell its remaining stake in Haleon plc for £1.25 billion (US$1.6 billion or RM7.41 billion), completing the drugmaker’s separation from the consumer health company.

About 385 million shares will be sold at a price of 324 pence each, the UK pharma company said on Friday. The sale, through a placing with institutional investors, represents a roughly 4.2% holding in the maker of Sensodyne toothpaste. 

Accelerated offerings are typically priced at a discount to entice shareholders. Haleon stock fell 1.3% to 328 pence in early Friday trading in London, dragging it below the listing price from 2022. GSK shares edged slightly lower.

GSK has been selling down its stake in stages after initially retaining an almost 13% holding, following the de-merger and listing of Haleon in 2022. GSK chief executive officer Emma Walmsley shed the consumer health division in order to focus on its pharma and vaccine businesses, amid pressure from activist investor Elliott Investment Management.

Following this latest sale, GSK has raised nearly £4 billion in total from exiting Haleon. GSK always said it would treat its Haleon stake like a financial instrument, using proceeds raised to strengthen its balance sheet and help improve its drug pipeline. 

Pfizer Inc, GSK’s former partner in the consumer health business, has also begun paring its stake in Haleon.