REG - Haleon PLC - Completion of additional 33% stake in China JV

HALEONAnnouncement

31/12/2024 09:00

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RNS Number : 7417R  Haleon PLC  31 December 2024

 

 

Haleon plc: Completion of additional 33% stake in China JV

 

31 December 2024: Haleon plc (the "Company" or "Haleon") (LSE/NYSE: HLN) today
announces that it has completed the acquisition of an additional 33%(1) equity
interest in Tianjin TSKF Pharmaceutical Co. Ltd ("TSKF"), its joint venture in
China from its partners, Tianjin Pharmaceutical Group ("TPG") and Tianjin
Pharmaceutical Da Ren Tang Group Corporation Limited ("DRTG").

 

On 27 September 2024, Haleon announced that it had entered into an agreement
to acquire an additional 33%(1) equity interest in TSKF for a total
consideration of RMB 4,465 million (c. £0.5 billion). The transaction is
expected to be accretive to EPS.

 

This announcement follows the approval by DRTG's shareholders at the DRTG
Extraordinary General Meeting on 22 November 2024. All other applicable
necessary clearances have also been obtained.

 

As noted in the initial announcement, Haleon and DRTG have agreed that Haleon
has an option to acquire and DRTG an option to sell the remaining 12%
shareholding in TSKF.

 

Notes

 

 1.  This transaction consists of a simultaneous and inter-conditional purchase of
     the entire 20% equity interest in TSKF held by TPG and a 13% equity interest
     in TSKF held by DRTG.

 

Amanda Mellor

Company Secretary

 

Enquiries

 

 Investors                                    Media

 Rakesh Patel            +44 7552 484646      Zoë Bird            +44 7736 746167
 Emma White              +44 7823 523562      Gemma Thomas        +44 7985 175048

 Email: investor-relations@haleon.com         Email: corporate.media@haleon.com

 

About Haleon

Haleon (LSE/NYSE: HLN) is a global leader in consumer health, with a purpose
to deliver better everyday health with humanity. Haleon's product portfolio
spans five major categories - Oral Health, Pain Relief, Respiratory Health,
Digestive Health and Other, and Vitamins, Minerals and Supplements (VMS). Its
long-standing brands - such as Advil, Sensodyne, Panadol, Voltaren, Theraflu,
Otrivin, Polident, parodontax and Centrum - are built on trusted science,
innovation and deep human understanding.

 

For more information, please visit www.haleon.com (http://www.haleon.com/)
.

 

About TSKF

Founded in 1984, TSKF is a joint venture of Haleon, TPG and DRTG in China.
TSKF is a leading OTC company that manufactures and distributes renowned
products under Haleon's brands in China, such as Fenbid, Contac, Bactroban,
Voltaren and Flixonase in major therapeutic areas such as Pain Relief,
Respiratory Health and Skin Health.

 

About TPG

TPG is a large-scale pharmaceutical group based in China. TPG is engaged in
the research and development, manufacturing and commercialisation across four
major business sectors including traditional Chinese medicine, chemical and
biological pharmaceuticals, high-end medical devices, and modern commercial
logistics. The Company is ranked among China's top 500 enterprises.

 

About DRTG

DRTG (SHSE: 600329 / SGX: T14) is the core pharmaceutical manufacturing arm of
TPG. DRTG is engaged in the research, development and manufacturing of Chinese
herbal medicines, proprietary Chinese medicines, western medicine, and other
products primarily in China. The company is also involved in the wholesale
and retail of medicines in China. DRTG was founded in 1981 and listed on the
Singapore Stock Exchange and the Shanghai Stock Exchange.

 

 

 

 

 

 

 

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