Haleon completes acquisition of remaining 12% in China joint venture

Haleon PLC on Friday said it completed the acquisition of the remaining 12% equity interest in Tianjin TSKF Pharmaceutical Co Ltd, its over-the-counter joint venture in China.

The Surrey-based consumer healthcare firm that spun out of GSK PLC in 2022 said the acquisition was for a total of ¥1.62 billion, around £200 million.

TSKF is now fully owned by Haleon.

‘China is a key market for Haleon which is underpinned by favourable structural drivers,’ the company said. ‘The acquisition of TSKF which has a long heritage of operational excellence will enable Haleon to drive category growth in one of the fastest growing OTC markets globally. TSKF accounted for around 40% of Haleon’s China revenues in 2024 and manufactures and/or distributes leading brands such as Fenbid, Voltaren and Bactroban.

‘This acquisition will deliver increased strategic, and operational flexibility, and is fully consistent with our capital allocation priorities to drive attractive returns for shareholders and maintain a strong investment grade balance sheet.’

Haleon shares were up 0.6% to 379.82 pence each on Friday morning in London, giving it a market capitalisation of £34.01 billion.

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