GSK PLC early Wednesday confirmed it agreed to sell 300 million shares in Haleon PLC, reducing its remaining stake in the consumer healthcare products spin-off to just 4.2%.

The Brentford, west London-based pharmaceutical maker had announced plans for the Haleon share sale after the London market close on Tuesday. The 300 million shares represent a 3.2% stake in Weybridge, Surrey-based Haleon.

GSK said it sold the Haleon shares for 326 pence each, raising about £978 million gross. Haleon had ended Tuesday at 333.80p. The stock was down 1.5% at 328.65p early Wednesday.

GSK was down 0.5% to 1,574.00p.

Following the demerger and listing of Haleon in July 2022, GSK initially retained a 13% stake in Haleon. After disposals in May and October last year, this was reduced to 7.4%.

This now has been reduced to 4.2%, a total of 385 million shares.

GSK’s New York-based pharmaceutical peer Pfizer Inc continues to hold a 32% stake in Haleon, which previously was a joint venture between GSK and Pfizer.

The pair have agreed to not sell any more Haleon share for 60 days from the settlement of GSK’s most recent disposal.

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