British drugmaker GSK has spun off its consumer health business in the biggest listing in Europe for more than a decade.
The new company, Haleon, becomes the world's biggest standalone consumer health business, home to brands including Sensodyne toothpaste and Advil painkillers.
Haleon shares will trade under the ticker "HLN" on the London Stock Exchange.
GSK, meanwhile, will become New GSK, focused solely on vaccines and prescription drugs.
The new business has been buoyed by recent clinical trial successes, including its potential blockbuster RSV vaccine, and a cash boost from the consumer health spin-off.
With the split complete, all GSK shareholders receive one Haleon share for each GSK share they own.
On Monday, GSK shares will trade excluding the value of the consumer healthcare business, so its price will likely drop.
After close of trading on Monday, GSK will consolidate its share price, returning it to roughly the same as before the demerger.
That will ensure the company's earnings per share and share price can be confirmed with previous periods, it has said.
The ratio for the GSK share consolidation will depend on fluctuations in the volume and price of GSK shares during trading on Monday, the company said.
"I couldn't be more delighted to be celebrating this milestone of Haleon becoming an independent company," said Dave Barrett, Country Manager, Ireland, Haleon.
"Our purpose is to 'deliver better everyday health with humanity’ and as a global leader now 100% focused on improving consumer health, we are dedicated to making better everyday health more achievable, inclusive and sustainable."
Here in Ireland Haleon employs over 930 people, including 900 at a manufacturing facility in Dungarvan.
The plant produces 9 billion Panadol tablets and 131 million tubes of Poligrip for global supply to over 70 markets.
