Pfizer (PFE) has sold its stake in over-the-counter drug maker Haleon (HLN) for about 2.5 billion UK pounds ($3.24 billion) to institutional investors and Haleon itself, Reuters reported Wednesday, citing a bookrunner for the deal.

Pfizer sold the shares at a price of 3.85 pounds each, the report said.

Under the deal, Haleon, which makes Sensodyne, Panadol and Advil, agreed to buy back 44 million shares from Pfizer while institutional inventors bought 618 million shares, the report said.

Following Pfizer's divestment, BlackRock's (BLK) BlackRock Investment Management (UK) unit will be Haleon's largest shareholder with a more than 5% stake, the report said.

Pfizer and Haleon did not immediately reply to MT Newswires' request for comment.

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