CONSUMER healthcare group Haleon said that it would buy £315m of shares from Pfizer as part of the latter's plan to reduce its stake.

Haleon was created through the merger of Glaxosmithkline and Pfizer consumer healthcare arms in 2019. The two parent companies remained major shareholders after the group's spinoff and public offering.

But Pfizer has committed to sell down its stake in a "slow and methodical" manner over time. It currently holds a 32 per cent stake in Haleon, but has said it will reduce the position to around 24 per cent.

Haleon said that the offer price per share is expected to be announced today, following the completion of a book-building process.

(c) 2024 City A.M., source Newspaper