Finance Watch: Pfizer Adds $3.5bn To Cash Stockpile, Reduces Stake In Haleon

Begins Slow Exit Of Consumer Health Company

Public Company Edition: Pfizer’s stake in Haleon dropped from 32% to 22.6% with a massive sale of shares of the GSK consumer health spinout. Also, Galderma prices its Swiss IPO, Madrigal grosses $600m in a post-approval offering and bluebird secured up to $175m in debt.

Finance Watch Public Company
• Source: Alamy

Pfizer Inc. held a 32% stake in Haleon plc after the consumer health business spun out of GSK plc in 2022, but through a sale of stock on 19 March Pfizer reduced its stake to 22.6% and garnered $3.5bn. The cash will help the US big pharma pay down debt from its $43bn acquisition of the antibody-drug conjugate (ADC) pioneer Seagen Inc., which closed late last year.

Pfizer chief financial officer David Denton reiterated the company’s long-term plans related to Haleon during the TD Cowen Health Care Conference on 4 March. “We have a stake that we've said that we are going to monetize … over time. We still plan to do that,” Denton said

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required

More from Financing

Switzerland Biopharma To Stay Strong Despite More Cash Going To US And China

 
• By 

The sector is continuing to show resilience despite financial and market challenges.

Finance Watch: Unity Lays Off All Employees As It Evaluates Alternatives

 
• By 

Restructuring Edition: Unity unveiled more Phase IIb data for lead asset UBX1325 along with plans to shed its workforce while seeking a partner for it and other drugs. Also, Ono is consolidating US employees at one site, Entrada is cutting its workforce by 20% and other recent strategic shifts.

Finance Watch: Biohaven Gains Up To $600m In Fresh Capital

 
• By 

Public Company Edition: Biohaven secured $250m up front from Oberland Capital to support its future US troriluzole launch after pulling its EU filing. Also, Procaps arranged $130m in private equity and Rezolute grossed $96.9m in a rare follow-on offering, among other financings.

Scrip M&A Podcast: Will FDA Staff Cuts Impact Biopharma Dealmaking?

 
• By 

Attorneys Andrew Goodman and Alan Minsk, as well as Naya CEO Daniel Teper, discussed the ramifications of US FDA staff cuts on M&A activity with Scrip senior writer Joseph Haas.

More from Business

Aldeyra Plans To File Reproxalap Again With New Dry Eye Symptom Data

 
• By 

The biotech hopes a third time will be the charm after two FDA complete responses, with plans to position its eye drop as offering quicker onset of action.

Lilly And Alchemab Tap Into Resilient Individuals To Develop ALS Drug

 

The pharma company is helping to validate the biotech’s model by developing a novel amyotrophic lateral sclerosis candidate, based on its novel approach that ‘turns drug discovery on its head’.

Switzerland Biopharma To Stay Strong Despite More Cash Going To US And China

 
• By 

The sector is continuing to show resilience despite financial and market challenges.