Pfizer, the New York-based pharmaceutical giant, is poised to cut its stake in Haleon, the British consumer healthcare company known for brands like Sensodyne, Panadol, and Advil, to approximately 7.3%. This move comes as Pfizer plans to sell about 700 million ordinary shares of Haleon, representing nearly 7.7% of the company's issued share capital, in a deal valued at around £2.57 billion based on Haleon's recent closing share price of 367.10 pence.

The sale, facilitated through an accelerated bookbuilding process to institutional investors, is being coordinated by J.P. Morgan and Morgan Stanley, who are acting as joint global coordinators and joint bookrunners. The process to determine the final sale price of the shares is underway, with the bookbuilding period starting immediately and potentially closing on short notice.

Pfizer's decision to reduce its stake in Haleon from 15% to 7.3% follows a series of divestitures, including a $3.3 billion stake sale in October of the previous year. The company has committed to not transferring or disposing of any remaining equity securities in Haleon for 60 days following the settlement of this offering.

Haleon, formed in 2019 as a joint venture between Pfizer and GSK's consumer health assets, was listed on the London stock market in July 2022. Since then, both Pfizer and GSK have been gradually reducing their stakes in the company. GSK sold its remaining 4.2% holding in Haleon in May 2024.

This latest move by Pfizer is part of a broader strategy to manage its portfolio and respond to pressures from investors, including hedge fund Starboard Value, which has been pushing for accountability due to perceived underperformance. Despite the reduction, Pfizer will remain the largest shareholder in Haleon post-sale.

The sale comes at a time when the blocks market is heating up, with smaller deals opening markets in France and Austria, indicating a dynamic environment for consumer healthcare investments.