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

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.