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 divests $3.05 billion of Haleon shares, cutting its stake to 7.3% in a strategic shift to refocus on core pharmaceutical operations.

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%.