Zoetis Debuts With $2.2 Billion IPO

Zoetis, the former Pfizer animal health business, has raised $2.2 billion in its initial public offering, the biggest IPO since Facebook’s $16 billion launch last May. Pfizer announced the creation of Zoetis last June. The unit had sales of more than $4 billion in 2011. “With the Zoetis initial public offering, we are creating the largest stand-alone company fully devoted to animal health medicines and vaccines,” says Pfizer CEO Ian Read. “For Pfizer, we are better positioned to focus on our core business as an innovative biopharmaceutical company.” Pfizer earlier sold drug capsule and nutrition businesses as part of its program to shed noncore operations.