Pfizer to cut stake in Sensodyne toothpaste-maker Haleon to 24%. Here's why

Pfizer, which currently holds a 32% stake in Haleon, said last May it planned to cut its ownership in a "slow and methodical" manner within months.

Consumer healthcare giant Haleon said on Monday that Pfizer will sell about 630 million of its shares in the company, reducing the US drugmaker's stake to about 24%.

The Pfizer logo is seen at their UK commercial headquarters in Walton Oaks, Britain. (Reuters)

Pfizer, which currently holds a 32% stake in Haleon, said last May it planned to cut its ownership in a "slow and methodical" manner within months.

The offer price per share is expected to be announced on or around March 19, following the completion of a book-building process, Haleon said in a statement.

Haleon, which makes household brands such as Sensodyne toothpaste and Advil painkillers, was spun out of British drugmaker GSK in July 2022.

Since then, GSK has sold down its stake in the company, with the last sale in January bringing down its shareholding to 4.2%.