Pfizer will receive around 2.66 billion pounds ($3.56 billion) in aggregate from Haleon from an offering and a share buyback. Goldman Sachs International said Tuesday that the pharmaceutical company sold 640 million ordinary shares in British consumer-healthcare business Haleon at 380 pence a share.

Pfizer has offloaded a £2.43billion stake in consumer health spin-out Haleon, which said it would buy back £230million of the shares. FTSE 100-listed Haleon, which makes Panadol painkillers and Sensodyne toothpaste, said it had bought the shares at 308p each.

Pfizer Inc. plans to sell 540 million worth of shares in Haleon Plc, as it pares back its holding in the UK consumer health giant.