(Bloomberg) — Pfizer Inc. (PFE) sold about 700 million shares in Haleon Plc, representing a roughly 7.7% stake in the maker of Sensodyne toothpaste.

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The deal raised around £2.5 billion ($3.1 billion) for the seller, which offered the shares through an accelerated placement with investors, according to terms seen by Bloomberg. The offering priced at £3.57 per share, marking a 2.8% discount from Tuesday’s closing price.

Investor demand had exceeded the amount of stock being offered within minutes after the deal was launched, according to a message seen by Bloomberg.

Pfizer sold shares of Haleon last year, including a £2.4 billion overnight sale in the autumn.

Haleon was formed in 2022 from a combination of GSK Plc and Pfizer’s consumer-health units. The company makes a wide range of products, including Panadol pain relief tablets and Centrum vitamins.

GSK has also sold down its holdings of Haleon, completing its separation from the consumer health company last year. Haleon’s earnings missed in the third quarter, as profit and sales growth were held back by weakness in the US. Still, the consumer health company’s shares were up nearly 10% over the last 12 months.

JPMorgan Chase & Co. (JPM) and Morgan Stanley (MS) are leading the sale. BNP Paribas SA, HSBC Holdings Plc, Mizuho Financial Group Inc. and UBS Group AG (UBS) are joint bookrunners. Bank of America Corp. (BAC), Deutsche Bank AG (DB), Goldman Sachs Group Inc. (GS) and Loop Capital Markets are co-managers.

—With assistance from Lisa Pham.

(Updates with deal’s pricing and commentary in the first two paragraphs.)

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