The sale of 700 million Haleon shares at 357 pence apiece is a discount of about 2.8% to the stock’s closing price on Tuesday. The sale represents nearly 7.7% of the issued share capital of Haleon, which was created by the merger of GSK and Pfizer’s consumer healthcare businesses in 2019. Pfizer, which will remain Haleon’s largest shareholder after the sale, said in 2023 it would cut its ownership in a “slow and methodical” manner within months.