(Reuters) -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%.

The sale represents nearly 7.7% of issued share capital of Haleon, which was created by the merger of GSK and Pfizer (NYSE:)’s consumer healthcare businesses in 2019. It was spun off from the British drugmaker in 2022.

Pfizer, which will remain the largest shareholder in Haleon after the sale, had in 2023 said it would cut its ownership in a ‘slow and methodical’ manner within months.

The U.S. drugmaker is under pressure from hedge fund Starboard Value to hold its management accountable for underperformance. Last October, it sold a $3.3 billion stake in the maker of Sensodyne, while GSK sold its entire stake in May.

J.P. Morgan and Morgan Stanley (NYSE:) are joint global coordinators and joint bookrunners for the share sale.