(Bloomberg) -- Pfizer Inc. is poised to raise about £2.7 billion ($3.6 billion) from the sale of Haleon Plc shares, as it further reduces its stake in the UK consumer health giant.

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The US company increased the number of shares to 640 million from 540 million after the sale had begun, according to terms of the deal seen by Bloomberg News. The oversubscribed offering is likely to price at £3.80 per share, the terms show, a discount of about 3.3% to Monday’s close. At that price, it would raise about £2.43 billion.

Separately, Haleon agreed to buy around £230 million worth of its shares from Pfizer at the price set in the share offering, according to a statement earlier on Monday.

The deal would add to the $54.1 billion in sales of new and existing shares in European listed companies this year, a 2.3% increase on the corresponding period in 2023, according to data compiled by Bloomberg.

Haleon was formed 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.

In March, Pfizer began trimming its ownership of Haleon, selling more than £2.8 billion worth of shares and American depositary shares in the company. The US firm is not selling any ADS in the current offering, the statement shows.

GSK has also sold down its holdings of Haleon, completing its separation from the consumer health company in May with share sales raising nearly £4 billion in total.

(Updates with deal upsize, price guidance in first three paragraphs. An earlier version of the story was corrected to show that Pfizer was selling 540 million shares of Haleon.)

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