Haleon PLC on Tuesday said it has agreed to repurchase 102.3 million shares off-market from Pfizer Inc, as part of the latter’s global offer for Haleon shares.

Haleon, a Weybridge, Surrey-based consumer healthcare company, said it will pay total consideration of approximately £315 million for the shares, more than half of the £500 million it plans to allocate to buybacks this year.

It also announced on Tuesday that Pfizer has upsized the global offer to 790.6 million shares, consisting of 594.0 million ordinary shares at £3.08 each and 196.6 million American depository shares at $7.85 each. This is up from the roughly 630 million shares it said it would sell on Monday.

Haleon, which intends to cancel the repurchased shares, said the global offer and buyback will reduce Pfizer’s interest in Haleon from 32% to about 22.6%.

Haleon shares were down 0.4% at 313.90 pence on Tuesday in London. Pfizer shares were up 0.1% at $27.74 in pre-market trading in New York.

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