British drugmaker GSK raises USD 1.1 billion from Haleon stake sale
Pfizer, which holds a 32% stake in Haleon, said in May it plans to cut its ownership in a "slow and methodical" manner within months.;
London: British drugmaker GSK on Friday said it raised 885.6 million pounds ($1.08 billion) from a discounted stake sale in Haleon, cutting its shareholding to 7.4% in the world's largest standalone consumer healthcare firm.
GSK had earlier said that the Haleon spin-off and subsequent stake sales will allow the company to sharpen its focus on vaccines and infectious diseases and also fund deals to bolster a lacklustre drug pipeline.
The British drugmaker has lagged rivals in recent years putting CEO Emma Walmsley under pressure as it continues to pump money into the costly U.S. litigation over discontinued heartburn drug Zantac.
The sale of 270 million shares at 328 pence apiece, represented a discount of about 2.5% to Haleon's last close of 336.25 pence on Thursday.
Shares in Haleon were down 1.2% while GSK was marginally up 0.4% at 0800 GMT.
Read also: Wendy Becker to join GSK board as Non-Executive Director
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