Pfizer to Exit Haleon Joint Venture with GSK in Strategic Shift Toward Innovative Medicines and Vaccines

SmartCom APP learned that Pfizer (PFE.US) plans to exit its 32% stake in Haleon, the consumer healthcare joint venture with GlaxoSmithKline (GSK.US). Pfizer stated it will focus on the research and development of innovative drugs and vaccines.

Pfizer had previously expressed its hope to sell its shares in Haleon, but decided to retain them in February. This time, Pfizer is reportedly set to exit Haleon "in a disciplined manner."

GSK says it has applied to the UK regulator to push Haleon to list on the London Stock Exchange on July 18, and will apply to list on the New York Stock Exchange shortly after.

It is reported that Haleon is a joint venture established after GlaxoSmithKline (GSK) spun off its consumer healthcare business, with GSK holding 68% of the shares. After the spin-off, GSK will continue to focus on pharmaceuticals and vaccines.