Pfizer’s Animal Health Unit Files for IPO (PFE)

PUBLISHED: Aug 13 2012 @ 07:25 | Comments (0) | More info about Ed Liston

Pharmaceutical Company, Pfizer Inc. (NYSE:PFE) announced that it will partially spin-off its animal-health unit, Zoetis Inc., through an IPO, estimated at about $100 million.

The company has completed its regulatory filings; and, said in its filings that it expects that IPO will represent an ownership stake of up to 20%.

According to Pfizer, the IPO is likely to be completed before the first half of 2013; but before that, the company will transfer all of its animal-health business to Zoetis Inc.

Nevertheless, the company is undecided over how many shares to offer and the price range for the same.

Lately, the pharmaceutical giant has shifted its focus on its core competency. As a strategic plan, the company under the leadership of Ian Read is divesting some of its diversified businesses that resulted from series of mega-mergers in past. For instance, in 2009, the company acquired Wyeth for $68 billion.

Accordingly, the company has been offloading some of its assets such as animal-health business in order to strengthen its focus on human-health businesses.

At present, Pfizer’s animal-medicine unit has a workforce of more than 9000 employees and its products are sold in over 120 countries. In the fiscal year 2011, the unit reported revenue of $4.2 billion.

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