Pfizer is looking to sell about 700 million ordinary shares in Haleon, its bookrunner J.P. Morgan said on Tuesday, lowering its stake in the British consumer healthcare company to about 7.3% from 15%.

Pfizer Inc. is offering around 700 million shares in Haleon Plc, representing a roughly 7.7% stake in the maker of Sensodyne toothpaste.Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyA Blueprint for Better Bike LanesAs E-Bikes Boom in NYC,

Pfizer (NYSE:PFE) announced Tuesday it plans to sell roughly 700M ordinary shares in Haleon (NYSE:HLN) to lower its stake in the British consumer healthcare giant from about 15.0% to 7.3%, implying a divestment of approximately 7.