09:00 AM EDT, 03/19/2024 (MT Newswires) -- Haleon ( HLN ) said Tuesday that shareholder Pfizer ( PFE ) will cut its stake in the company to about 23% from 32% following a secondary offering of Haleon ( HLN ) shares that were priced at 3.08 British pounds ($3.91) per ordinary share.

Haleon ( HLN ) said the offering's size was increased to an aggregate of about 790.5 million ordinary shares from the previously announced 630 million ordinary shares.

Upon completion of the offering, Haleon ( HLN ) said it has agreed to buy back about 102.3 million ordinary shares from Pfizer ( PFE ) off-market for about 315 million pounds or 3.08 pounds per share, which is equal to the offering price per ordinary share in the offering.

Pfizer ( PFE ), a shareholder in Haleon ( HLN ), will get all of the offering's net proceeds and will see its stake in latter cut to 22.6% from 32%.

The buyback's closing is anticipated to occur immediately after the offering's closing, which is expected to occur Thursday, Haleon ( HLN ) said.

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