British medicines group and US rival Pfizer have both committed to selling down stakes over time to fund core pharma operations
Drug group GlaxoSmithKline has raised €1.02 billion selling shares in Haleon, the consumer-health business it spun off last year. Photograph: PA WireDrug group GlaxoSmithKline has raised £886 million selling shares in Haleon, the consumer-health business it spun off last year.
The sale represents about a quarter of GSK’s remaining stake in Haleon, the maker of Aquafresh toothpaste and Panadol, leaving the group with a 7.4 per cent position.GSK decided to separate Haleon so it could better focus on its pharma and vaccines business. Headed by chief executive Emma Walmsley, GSK is trying to strengthen its drug pipeline, with recent success on a vaccine against RSV, a common virus that can be deadly.
Since the spin-off, GSK has said that it intended to treat its stake in Haleon like a financial investment, using proceeds raised to strengthen its balance sheet and help support its aim to improve its drug pipeline. “Investors would likely prefer a bigger placement than this 2.9 per cent by GSK,” said Bruno Monteyne, an analyst at Bernstein, adding that there’s still a large nearly 40 per cent overhang on Haleon stock.
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