Clifford Chance is advising Pfizer Inc in connection with the proposed demerger of Haleon plc from GSK plc and Haleon’s listings of its ordinary shares on the London Stock Exchange and American depositary shares representing ordinary shares on the New York Stock Exchange, expected in July 2022.

GSK and Pfizer’s joint consumer healthcare businesses, which were combined under a joint venture between GSK and Pfizer in 2019, will be held by Haleon and, following completion of the demerger and listing, Haleon will become an independent listed company, with Pfizer holding a 32% interest.