GSK Shareholders Approve Consumer Healthcare Business Spinoff
July 06 2022 - 12:07PM
Dow Jones News
By Ian Walker
GSK PLC said Wednesday that shareholders have approved the
planned spinoff and separate listing of its consumer healthcare
business Haleon PLC.
The pharmaceutical giant said that trading in Haleon is expected
to start on the London Stock Exchange on July 18. An application
will also be made for Haleon American Depository Shares to be
listed on the New York Stock Exchange.
The business was formed in July 2019 between GSK and Pfizer Inc.
via the merger of their consumer healthcare businesses into a new
joint venture company, owned 68% and 32%, respectively.
GSK subsequently announced plans in June 2021 to separate the
business and list it as an independent company.
Upon completion of the separation and listing GSK will continue
to hold 13.6% of Haleon and Pfizer will retain its 32%
shareholding. However, Pfizer has already indicated that it plans
to exit its interest in "a disciplined manner" and to maximize
value for shareholders.
Haleon--which includes well-known brands such as Sensodyne and
Voltaren--is targeted for 4%-to-6% annual organic sales growth at
constant exchange rates in the medium term.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
July 06, 2022 11:52 ET (15:52 GMT)
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