Volume 90 Issue 25 | p. 21 | Concentrates
Issue Date: June 18, 2012

Pfizer To Spin Off Animal Health Unit

Department: Business
Keywords: pharmaceuticals, animal health, IPOs

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.

 
Chemical & Engineering News
ISSN 0009-2347
Copyright © American Chemical Society

Leave A Comment

*Required to comment