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Pfizer (NYSE:PFE) has finalized the sale of its entire holding in Haleon (NYSE:HLN), generating approximately 2.5 billion ($3.24 billion), Reuters reported Wednesday, citing a bookrunner involved in the transaction.
The pharmaceutical company, which co-founded Haleon alongside British drugmaker GSK (NYSE:GSK) in 2019, offloaded around 662 million shares, equal to a 7.3% stake. The shares were priced at 385 pence each.
As part of the deal, Haleon repurchased 44 million shares directly from Pfizer, while institutional investors acquired the remaining 618 million.
Bloomberg News previously disclosed on Tuesday that Pfizer planned to fully exit its stake in Haleon, a process that had been underway since the company's separation from GSK in 2022.
With GSK having completed its divestment in May, BlackRock Investment Management (UK) Ltd., a subsidiary of BlackRock (NYSE:BLK), is set to become Haleon's largest shareholder, holding over 5% of its shares, according to Reuters, citing LSEG data.
This article first appeared on GuruFocus.