Pfizer said it intends to sell around 540 million ordinary shares in British consumer-healthcare business Haleon, or about 5.9% of the company's issued share capital. The pharmaceutical giant said Monday that the price per share will be determined by way of an accelerated bookbuilding process to institutional investors.

On completion, Pfizer, the New York-based pharmaceuticals firm, will see its interest in Haleon fall to just over 16% from 22.6% currently. Bloomberg reported that the share sale price is likely to be 380 pence per share, raising around GBP2.7 billion.