Pfizer to exit GSK consumer health joint venture after spinoff (2024)

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Pfizer to exit GSK consumer health joint venture after spinoff? ›

Pfizer will sell down its stake in Haleon, its consumer health joint venture with GSK, after the business is spun off in July. Pfizer (ticker: PFE), the U.S. drugmaker, will exit its 32% holding in Haleon “in a disciplined manner,” GSK (GSK) said in a statement on Wednesday.

Pfizer plans to sell its shares in a consumer health joint venture with GlaxoSmithKline after the business is spun off into a new standalone corporation called Haleon. GSK will put at least 80% of its 68% holding in the joint venture into Haleon, which is set to begin trading on the London Stock Exchange on July 18.

The Demerger completed on Monday 18 July 2022 and GSK shareholders received one Haleon plc share for each GSK plc share held at 6.00pm UK on Friday 15 July 2022. If you were a GSK shareholder at that time you are now a shareholder in both GSK and Haleon.

Pfizer has said for some time it intended to pare its holding in the maker of Centrum vitamins to focus on its pharma innovations. As part of the process , London-listed Haleon will buy back about £315 million of its shares from Pfizer, whose stake will shrink to about 23%.

The Joint Venture is a category leader in Pain Relief, Respiratory, Vitamin and Mineral Supplements, Digestive Health, OTC Skin Health and Therapeutic Oral Health. Through the combination of GSK and Pfizer's consumer healthcare businesses we are creating substantial further value for shareholders.

Pfizer is set to reduce its stake in Haleon from 32% to 24% by selling 630 million shares in a public offering, Haleon said. The value of the shares is roughly 2 billion pounds ($2.6 billion), according to Reuters.

GSK plc (LSE/NYSE: GSK) has today (Monday 18 July 2022) completed the demerger of the Consumer Healthcare business from the GSK Group to form the Haleon Group.

Pfizer promoted the sale of Bextra for several uses and dosages that the FDA specifically declined to approve due to safety concerns. The company will pay a criminal fine of $1.195 billion, the largest criminal fine ever imposed in the United States for any matter.

Pfizer sold 594 million shares at a price of 3.08 pounds apiece and about 196.5 million American Depository Shares (ADS), at $7.85 each, which add up to roughly $3.1 billion. This is higher than the 630 million share sale Haleon had disclosed on Monday.

HLN Stock Forecast FAQ

Haleon PLC has 3.31% upside potential, based on the analysts' average price target. Haleon PLC has a consensus rating of Moderate Buy, which is based on 6 buy ratings, 3 hold ratings and 0 sell ratings.

Does Pfizer still own Advil? ›

millions of consumers, Advil is one of Pfizer's billion-dollar brands and the No. 1 selling branded OTC analgesic in the world. In 45 countries, Advil helps consumers treat headaches, backaches, muscle aches, minor arthritis and other joint pain, and the aches and pains of the common cold.

Pfizer (PFE) Ownership Overview

The ownership structure of Pfizer (PFE) stock is a mix of institutional, retail and individual investors. Approximately 42.29% of the company's stock is owned by Institutional Investors, 0.26% is owned by Insiders and 57.44% is owned by Public Companies and Individual Investors.

Pfizer Inc. (NYSE: PFE) today announced the closing of its joint venture with GlaxoSmithKline plc (NYSE: GSK) to combine the parties' respective consumer healthcare businesses to create the world's largest over-the-counter (OTC) business with robust iconic brands.

GSK announces independent Consumer Healthcare company is to be called Haleon. GlaxoSmithKline plc (GSK) today announced that the new company, to result from the proposed demerger of Consumer Healthcare from GSK in mid-2022, will be called Haleon.

Pfizer completed its acquisition of all outstanding common stock of Seagen for $229 in cash per share, for a total enterprise value of approximately $43 billion. “Cancer remains a leading cause of death, and one in three people in the U.S. will receive a cancer diagnosis in their lifetime.

GSK completed the spinoff of its consumer health division—formerly a joint venture between the British pharma and Pfizer—in July 2022. At the time, GSK held a roughly 13% stake in Haleon, which is responsible for household brands like Advil, Sensodyne, Tums and Theraflu.