Slaughter and May is advising GSK plc (“GSK”) on the separation of its Consumer Healthcare business to form Haleon plc (“Haleon”), an independent company to be listed on the LSE and NYSE.
The Consumer Healthcare business is currently a joint venture between GSK and Pfizer Inc., with GSK holding a majority controlling interest of 68% and Pfizer holding 32%. The separation will be effected by way of a demerger (the “Demerger”) of at least 80% of GSK’s 68% holding in the Consumer Healthcare business to GSK shareholders. GSK will retain a stake of up to 13.5% in Haleon, which it intends to monetise in a disciplined manner to further strengthen GSK’s balance sheet.
The Demerger is conditional upon, among other things, approval by GSK shareholders. Haleon is expected to attain a Premium listing on the Official List of the FCA and to be admitted to trading on the Main Market of the London Stock Exchange on 18 July 2022.
Slaughter and May is supporting the GSK in-house legal team, led by James Ford, Sarah Clements, David Rea and Antonio Suarez-Martinez.
Cleary Gottlieb Steen & Hamilton LLP is advising GSK on the US aspects of the transaction, with a team led by Sebastian Sperber and Sarah Lewis.
Kayley Castle / Trainee, Anna Winter / Trainee, Rebecca Hickman / Trainee, Adam Morland / Trainee, Olivia Dawson / Trainee, Jack Bowskill / Trainee, Maddy Tomlin / Trainee, Remi Pfister / Trainee