Pfizer in its global offering of ordinary shares and American depositary shares in Haleon and Haleon’s concurrent share repurchase from Pfizer

On March 19, 2024, Haleon plc (LSE/NYSE: HLN) announced that Pfizer Inc. (NYSE: PFE) intends to sell 790,554,820 Haleon ordinary shares, of which 594,000,000 are ordinary shares and 196,554,820 are ordinary shares in the form of American depositary shares (“ADSs”), each representing two ordinary shares, by means of a public underwritten offering in the United States and a concurrent underwritten offering outside the United States to qualifying investors (together, the “Global Offer”), at a price of $7.85 per ADS and £3.08 per ordinary share.  In connection with the Global Offer, Haleon will also repurchase 102,272,727 ordinary shares having an aggregate value of £315 million (approximately $400 million) directly from Pfizer (the “Share Buyback”).

The aggregate amount of the Global Offer and Share Buyback is approximately $3.5 billion and will reduce Pfizer’s ownership of Haleon shares from 32% to approximately 23%.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Pfizer.