Pfizer will sell shares worth 2.50 billion pounds ($3.05 billion) in Haleon, lowering its stake in the British consumer healthcare company to about 7.3% from 15%, its bookrunner JPMorgan said on Wednesday.

The sale decreases Pfizer’s shareholding in the consumer-healthcare business to 7.3% of its issued share capital, down from 15%.

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’s decision to offload $3.05 billion worth of shares in Haleon is a strategic move driven by shifting priorities in a volatile pharmaceutical market. The transaction, involving 700 million shares priced at 357 pence each,

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.