GSK Plc (NYSE:GSK) said it raised £885.6 million (around $1.08 billion) from selling some of its shares in Haleon Plc (NYSE:HLN), reducing its stake in the consumer-healthcare business to around 7.4%.

The British pharmaceutical giant placed around 270 million Haleon shares at 328 pence each, representing a 2.45% discount to Haleon's closing price on Thursday of 336.25 pence.

U.S. pharma giant Pfizer Inc (NYSE:PFE) holds a 32% stake in Haleon and said it plans to cut ownership in a "slow and methodical" manner within months.

In May, GSK sold 240 million shares of Haleon in a move that has raised £804 million for the firm. The offloaded shares are equivalent to up to 2.5% of Haleon's issued share capital.

Following the settlement of the placing, GSK held 955 million ordinary shares in Haleon, representing approximately 10.3% of its issued share capital.

"If a decent sized placement of about 10% was done (i.e., Pfizer starting to sell), then investors can properly judge the appetite for this stock and start seeing an end to this tunnel," the report added.

Price Action: GSK shares are up 0.58% at $36.37, and HLN shares are down 2.03% at $8.20 during the premarket session on the last check Friday.