Pfizer plans to exit its 32 per cent stake in Haleon, its consumer health joint venture with British drugmaker GSK, after the business is spun off as an independent listed company in July, GSK said on Wednesday.
Pfizer previously signalled it would seek to sell its shareholding in Haleon, which is home to Sensodyne toothpaste and Advil painkillers, but GSK said in February that the US drugmaker would retain its stake.
GSK said on Wednesday that Pfizer would exit its investment in a "disciplined manner".
GSK said it had applied to Britain's regulator to list Haleon on the London Stock Exchange on July 18 and would apply to list it on the New York Stock Exchange shortly.
Before the spinoff, the holding company for the consumer health business will pay dividends to GSK and Pfizer. That will translate to GSK receiving cash proceeds of more than 7 billion pounds ($8.8 billion) at separation, GSK said.
GSK, which will retain its focus on pharmaceuticals and vaccines, now has a 68 per cent controlling interest Haleon.
Following the demerger, at least 54.5 per cent of the total issued ordinary share capital of Haleon will be held by GSK shareholders, while up to 6 per cent will be held by GSK, the British drugmaker said.