Pfizer to cut stake in Sensodyne toothpaste-maker Haleon to 24%

© Reuters. FILE PHOTO: The company logo for Haleon and the trading info is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2022. REUTERS/Brendan McDermid/File Photo

(Reuters) -Consumer healthcare giant Haleon said on Monday that Pfizer (NYSE:) will sell about 630 million of its shares in the company, reducing the US drugmaker’s stake to about 24%.

Pfizer, which currently holds a 32% stake in Haleon, said last May it planned to cut its ownership in a “slow and methodical” manner within months.

The offer price per share is expected to be announced on or around March 19, following the completion of a book-building process, Haleon said in a statement.

Haleon, which makes household brands such as Sensodyne toothpaste and Advil painkillers, was spun out of British drugmaker GSK in July 2022.

Since then, GSK has sold down its stake in the company, with the last sale in January bringing down its shareholding to 4.2%.