LONDON - GlaxoSmithKline (NYSE:GSK) has sold a portion of its stake in consumer health company Haleon, with the transaction valued at approximately $1.27B. In an accelerated placement, GSK divested 300 million shares, equivalent to a 3.2% stake, at a price of 326 pence per share, which was a discount of 2.2% from Haleon's last closing price.
This strategic move has reduced GSK's ownership by about 3.2%, leaving the pharmaceutical giant with a 4.2% stake in Haleon. The sale represents the third and largest share placement since Haleon’s IPO in July last year.
The sale occurred at a price lower than Haleon's closing rate on the previous day, signaling GSK's intent to divest its position in the consumer health firm. Despite the lower sale price, GSK's remaining 4.2% stake signifies it still maintains a vested interest in Haleon's business trajectory.
Investors and market observers are keeping a close watch on how this divestiture will impact both GSK and Haleon's market performance and strategic direction moving forward. After the sale announcement today, there was a decline in both companies' share prices; Haleon’s dropped by 1.5%, while GSK’s fell by 0.5%.
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