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,

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