GSK spins off consumer health as Haleon – first listed today

GlaxoSmithKline (GSK), a major UK pharmaceutical player, has voted to spin off its consumer healthcare business into a new company called Haleon. Shareholders gave the green light to the GSK split on July 6, with the first day of trading today, July 18.

Glaxo’s consumer healthcare business is currently a joint venture between GSK, which owns 68%, and Pfizer (DFP), which has 32%. The spin-off will take 80% of GSK’s stake and will also establish a sponsored Level 2 American Depositary Receipt (ADR) program on the New York Stock Exchange (NTSE), which is a way for foreign companies to allow their shares to trade. be traded on US stock exchanges.

Once completed, the total issued share capital of Haleon will mean that GSK shareholders will jointly own 54.5%, Pfizer will continue to own 32%, GSK Corporation will own 6% and 7.5% will be held by joint ventures. Scottish sponsorship. , which finance GSK pensions. Following the initial public offering (IPO) of Haleon and the lock-up period, Pfizer should then reduce its stake in Haleon.

Behind Haleon, which recently achieved annual sales of £9.5bn and profits of £1.6bn, are well-known brands such as Sensodyne toothpaste, Dr Best toothbrushes, rhinitis spray Otriven and Voltaren pain relief gel. Just six months ago, GSK rejected a 50 billion pound (nearly 60 billion euros) offer from Unilever for the consumer goods division, today analysts calculate the IPO of worth between 33 and 48 billion pounds.

©EuropeanBiotechNews/gka

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