GSK Completes Spin Off Of Its Consumer Healthcare Business - GSK (NYSE:GSK)

GSK plc GSK has completed the demerger of the Consumer Healthcare business to form the Haleon Group.
Reuters reported that shares in Haleon started trading at 330 pence on Monday morning, giving the business a market valuation of around £30.5 billion ($36.4 billion).
The company's debut price was in line with market expectations, according to two bankers involved in the deal. However, Haleon's current valuation is lower than expected.
Also Read: GSK Spurns $68.4B Bid From Unilever For Its Consumer Healthcare Business, Opts to Spin-off The Unit.
It is expected that American Depositary Shares representing shares of Haleon plc HLN will commence on 22 July.
Each Haleon ADS represents two Haleon ordinary shares.
Share consolidation: With the split complete, all GSK shareholders receive one Haleon share for each GSK share they own.
Pfizer Inc PFE will retain its 32% stake in Haleon, which it intends to sell off over time.
GSK will hold up to 13.5% in Haleon, while GSK shareholders will own the remaining 54.5%.
The new company, Haleon, has become the world's biggest standalone consumer health business, offering brands such as Sensodyne toothpaste and Advil painkillers.
Price Action: GSK shares closed at $41.26 on Friday.