Pfizer Moo’ved To Split Off Zoetis Business By July 2013

Pfizer begins the process to split off its animal health business with an IPO in an effort to save on taxes and refrain from diluting the current shareholder base.

After months of assessing its options, Pfizer Inc. has decided to take the same route with its animal health unit that Bristol-Myers Squibb Co. took with its Mead Johnson Nutrition Co. nutritional business in 2009. The New York based pharma will begin the divestiture of the veterinary medicines business with an initial public offering of a minority stake.

Pfizer would not yet reveal the details of the IPO, but announced June 7 that it would call the new...

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