S&C Advises Haleon on Largest European Listing in More Than a Decade

July 18, 2022

In the biggest European listing in more than a decade, GlaxoSmithKline PLC completed its separation of Haleon PLC from the GSK Group on July 18. The transaction was executed as a demerger of 80 percent of GlaxoSmithKline's interest in Haleon, making Haleon the world's biggest stand-alone consumer health company. Holders of GSK shares or American Depository Shares received Haleon ordinary shares at a one-for-one ratio.
Haleon's ordinary shares started trading on a standalone basis on the main market of the London Stock Exchange on July 18 and its ADSs will trade on a standalone basis on the New York Stock Exchange on July 22. Haleon is a leading consumer healthcare business and produces some of the best known global healthcare brands, including Advil, Theraflu and Tums. Formerly known as GSK Consumer Healthcare, the company was a joint venture between GSK and Pfizer, with GSK holding a majority controlling interest of 68 percent and Pfizer 32 percent.
The cross-border S&C team advising Haleon includes Frank Aquila, Audra Cohen, John Horsfield-Bradbury, Jim Simpson, Susan Lindsay and Nitish Verma. Eric Wang, John Jo and Ellen Kim advised on U.S. tax matters.