FILE PHOTO:Illustration shows GSK (GlaxoSmithKline) logo

GSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights

Oct 5 (Reuters) – British drugmaker GSK (GSK.L) said on Thursday it intends to sell a 2.9% stake, or about 270 million shares, in its spun-off consumer healthcare business Haleon (HLN.L).

The sale will bring down GSK’s current 10.3% holding in the Sensodyne maker, which was spun out and listed on the London Stock Exchange in July 2022.

GSK earlier this year sold 240 million shares in Haleon to raise about 804 million pounds ($1 billion), and lowered its stake from 12.9% it initially retained in the business.

Haleon, the world’s biggest standalone consumer health company, was formed in 2019 with the merger of GSK and Pfizer’s (PFE.N) consumer healthcare businesses.

BofA Securities and Citigroup will act as joint global coordinators for the offering, and the companies have agreed not to dispose of any shares in Haleon for a period of 60 days after the settlement of this offering, GSK said.

Pfizer, which holds a 32% stake in Haleon, said in May it plans to cut ownership in a “slow and methodical” manner within months.

($1 = 0.8214 pounds)

Reporting by Anandita Mehrotra and Mariam Sunny in Bengaluru; Editing by Shweta Agarwal and Shilpi Majumdar

Our Standards: The Thomson Reuters Trust Principles.

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