Pfizer in the demerger of Haleon from GSK and its subsequent listing on the London Stock Exchange

On June 1, 2022, Pfizer Inc. and GSK plc announced the publication of a Prospectus by Haleon plc, the newly independent company which will hold the joint Consumer Healthcare business of GSK and Pfizer, in connection with the proposed demerger of approximately 80% of GSK’s ownership interest in the business to GSK’s shareholders and the listing of Haleon ordinary shares on the London Stock Exchange.  Haleon also intends to list American Depositary Shares on the New York Stock Exchange.  Following the demerger and listing, which is expected to occur in July 2022, Pfizer will continue to hold a 32% ownership interest in Haleon, which it intends to exit in a disciplined manner.  Wachtell, Lipton, Rosen & Katz served as legal advisor to Pfizer.