GSK, opens new tab will sell a 3.2% stake, or about 300 million shares, in its spun-off consumer healthcare business Haleon, opens new tab, the British drugmaker said on Tuesday.
The announcement marks the third time GSK is selling a stake in the Sensodyne toothpaste maker in less than a year, potentially reducing its stake to 4.2% from the 12.9% stake initially retained in the business.
Haleon, the world’s biggest standalone consumer health company, was formed in 2019 by merging GSK and Pfizer’s consumer healthcare businesses.
The company had raised 885.6 million pounds ($1.12 billion) from a discounted stake sale in Haleon in Oct. last year.
GSK is currently the second largest shareholder in the Advil-maker Haleon, with a stake of about 7.4%, according to the company.
GSK had earlier said that the Haleon spin-off and subsequent stake sales would allow the company to sharpen its focus on vaccines and infectious diseases and fund deals to bolster a lacklustre drug pipeline.