GSK Completes Spin Off Of Its Consumer Healthcare Business

• GSK plc (NYSE: GSK) has completed the demerger of the Consumer Healthcare business to form the Haleon Group.

• Reuters reported that shares in Haleon started trading at 330 pence on Monday morning, giving the business a market valuation of around £30.5 billion ($36.4 billion).

• The company's debut price was in line with market expectations, according to two bankers involved in the deal. However, Haleon's current valuation is lower than expected.

• Also Read: GSK Spurns $68.4B Bid From Unilever For Its Consumer Healthcare Business, Opts to Spin-off The Unit.

• It is expected that American Depositary Shares representing shares of Haleon plc (NYSE: HLN) will commence on 22 July.

• Each Haleon ADS represents two Haleon ordinary shares.

• Share consolidation: With the split complete, all GSK shareholders receive one Haleon share for each GSK share they own.

• Pfizer Inc (NYSE: PFE) will retain its 32% stake in Haleon, which it intends to sell off over time.

• GSK will hold up to 13.5% in Haleon, while GSK shareholders will own the remaining 54.5%.

• The new company, Haleon, has become the world's biggest standalone consumer health business, offering brands such as Sensodyne toothpaste and Advil painkillers.

• Price Action: GSK shares closed at $41.26 on Friday.

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