Pfizer To Spin Off Animal Health Unit

Pfizer is spinning off its animal health business into a new company to be called Zoetis. The drugmaker plans an initial public offering for Zoetis, details of which will be announced in its second-quarter earnings report. The animal health unit, which makes vaccines, medicines, diagnostics, and genetic tests, had sales of roughly $4.2 billion in 2011. Pfizer has been shedding noncore businesses and using the proceeds to buy back stock and make smaller acquisitions. In addition to the animal health spin-off, it has sold its drug capsule and nutrition businesses.