Zoetis IPO values Pfizer animal health business at up to $15.8bn

Pfizer priced the initial public offering of 86.1 million shares of its animal health business, which will be spun out in a new company called Zoetis, at $22 to $25 per share in an amended S-1 form filed with the US Securities and Exchange Commission (SEC) on 17 January, valuing the company at about $11.8 billion at the mid-point of its price range, or $23.50 per share.