The transaction completed on 21 March 2025 and forms part of a broader series of transactions through which Pfizer has now fully exited its investment in Haleon, a process that began in March 2024. In conjunction with this latest transaction, Haleon agreed to make an off-market purchase of approximately 44 million shares from Pfizer as part of an off-market share buyback programme agreed with Pfizer.

Pfizer’s divestment from Haleon, implemented over the course of 12 months, represents one of the most successful exit strategies ever implemented by a shareholder in a UK-listed company.

This final sell-down of shares in Haleon by Pfizer marks the fourth transaction it has undertaken in the past twelve months.

In March 2024, the Clifford Chance Equity Capital Markets (ECM) team advised on Pfizer’s initial global offering of shares in Haleon, which combined a SEC-registered offering in the US with a UK and international offering and a concurrent share buyback.
In October 2024, the team advised Pfizer on one of the largest share sell-downs in Europe and the UK in 2024.
In January 2025, the team advised Pfizer on a third share sell-down, where the offering was increased due to high demand, with order books closing multiple times oversubscribed.
Overall, through these four transactions, the Clifford Chance ECM team has assisted Pfizer in raising approximately US$13.4 billion (£10.3 billion) in gross proceeds from divesting its stake in Haleon.

The shares in this fourth sell-down were priced at 385 pence each, representing the tightest discount of any shareholder sell-down by way of an accelerated bookbuilt offering in excess of US$2.5 billion since 2018.

The transaction underscores the enduring partnership between Pfizer and Clifford Chance, building on our previous roles in advising Pfizer in establishing its consumer healthcare joint venture with GSK, the subsequent demerger and listing of Haleon in London and the listing of Haleon American depositary shares in New York. The ECM team in London was led by partner Simon Thomas, with assistance from senior associates James Koessler and Luke Ng, and trainee solicitor Rumana Ali.