06:02 AM EDT, 03/18/2024 (MT Newswires) -- Haleon ( HLN ) said Monday that Pfizer ( PFE ) is planning to sell about 630 million of its Haleon ( HLN ) ordinary shares through a global secondary offering.

The offering is expected to be priced on or about Tuesday, Haleon ( HLN ) said. The company added that it agreed to buy back about 315 million euros (about $400 million ) of its shares from Pfizer ( PFE ).

The company said that Pfizer ( PFE ) will receive all of the net proceeds from the offering.

Haleon ( HLN ) expects the secondary offering and the share buyback to reduce Pfizer's ( PFE ) stake in the company to about 24% from 32%.