Business

GSK knocks Haleon out of Europe’s biggest list for a decade

A view of the headquarters of British pharmaceutical company GlaxoSmithKline in west London.

Ben Stansall | AFP | beautiful pictures

British drug manufacturer GSK spun off the consumer health business on Monday in the largest listing in Europe in more than a decade.

The new company, Haleon, became the world’s largest independent consumer health business, home to brands including Sensodyne toothpaste and Advil pain reliever.

Haleon stock will trade under the ticker “HLN” on the London Stock Exchange on Monday.

GSK, meanwhile, will become the New GSK, focusing solely on vaccines and prescription drugs. This new business has been buoyed by recent clinical trial successes, including its potential blockbuster RSV vaccine, and a cash boost from the healthcare chain. consumers.

Once the split is complete, all GSK shareholders will receive one Haleon share for each GSK share they own.

On Monday, GSK stock will trade excluding the value of its consumer healthcare business, so its price is likely to drop.

Following the close of trading on Monday, GSK will consolidate its share price, bringing it back to roughly what it was before the classification.

That will ensure the company’s earnings per share and share price can be confirmed with prior periods, it said.

The rate of GSK stock consolidation will depend on fluctuations in GSK stock’s volume and price during Monday’s trading session, the company said.

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