(Reuters) -Consumer healthcare firm Haleon said on Monday that U.S. drugmaker Pfizer will sell down its stake in the company to about 24%.

Pfizer, which currently holds a 32% stake in Haleon, said last yr it planned to cut its ownership in a “slow and methodical” manner inside months.

The offer price per share is anticipated to be announced on or around March 19, following the completion of a book-building process, Haleon said in an announcement.

The sale of 630 million shares may very well be price about 2.03 billion kilos ($2.58 billion), based on Haleon’s Friday closing price.

Haleon, which makes household brands paying homage to Sensodyne toothpaste and Advil painkillers, was spun out of British drugmaker GSK in July 2022. It was formed in 2019 by merging GSK and Pfizer’s consumer healthcare businesses.

GSK has since sold down its stake in the company, with the last sale in January bringing down its shareholding to 4.2% from the 12.9% it initially retained throughout the business.

Haleon might also repurchase shares price about 315 million kilos from Pfizer off-market, it said on Monday.

The London-listed company last month announced plans to buy back 500 million kilos of its shares this yr amid firm demand for its products and progress in reducing debt.

($1 = 0.7854 kilos)

(Reporting by Eva Mathews in Bengaluru; Editing by Savio D’Souza and Janane Venkatraman, Kirsten Donovan)