GSK Raises $1 Billion Selling Shares in Haleon Spinoff (1)

GSK Plc raised £804 million ($1 billion) selling a stake in Haleon Plc, the consumer health-care division it spun off as a separate company last year.

The UK pharma group sold 240 million shares at 335 pence, a 2.3% discount to the Thursday closing price.

The sale represents 2.5% of Haleon’s total shares and was conducted via a placing to institutional investors. It lowers GSK’s stake in the maker of Sensodyne toothpaste and Tums digestive aids to 10.3%, according to a statement Friday.

GSK shares rose 0.8% in early London trading; Haleon was up 1.7%.

The move comes just ...