According to Market Screener, on June 26th, a healthcare products and over-the-counter medication company located in Weybridge, England, Haleon, has sold its smoking cessation aid business outside of the United States to Indian pharmaceutical company Dr. Reddy's Laboratories for a maximum of £500 million (approximately $634.2 million) in order to streamline operations and focus on key growth areas.
The company was spun off by GlaxoSmithKline and Pfizer owns a portion of its shares. In a statement on Wednesday (26th), the department said that the funds raised from the sale will be used according to its capital allocation policy and for debt reduction.
Haleon owns popular brands including Sensodyne toothpaste, Aquafresh mouthwash, and over-the-counter medications Panadol and Advil. The company will receive a prepayment of 458 million pounds from the sale, with the remaining amount to be paid in installments next year and in the first half of 2026, contingent upon the achievement of specific performance targets.
The products for sale include nicotine replacement therapies such as patches, lozenges, and gum from brands like Nicotinell, Nicabate, Habitrol, and Thrive.
Haleon stated that the sale is expected to be completed in the early fourth quarter of this year. This will result in a decrease in company revenue of 0.5% and a decrease in operating profit of 1%. The company also added that all other expectations remain unchanged.
The company's CEO, Brian McNamara, stated:
Haleon Company's decision to divest its NRT business from overseas in the United States is another example of the company actively managing its asset portfolio and aligning with our strategy to implement changes to become more agile and competitive.
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