Pfizer Plans to Sell About £2 Billion of Shares in Haleon (2)

Pfizer Inc. plans to sell about £2 billion ($2.5 billion) of shares in Haleon Plc, the first step by the UK consumer health company’s biggest shareholder to reduce its 32% stake.

The US drugmaker, which has said for some time it intended to pare its holding in the maker of Centrum vitamins, will offer 630 million shares of Haleon. As part of the process, Haleon will buy back about £315 million of its shares from Pfizer, whose stake will shrink to about 24%.

Pfizer headquarters in New York, US

Photographer: Bess Adler/Bloomberg

Shares of Haleon fell more than 3% in early trading in London. They’re up ...