Pfizer Inc. (PFE) revealed the next steps in the strategic alternatives review process for its Animal Health business, with preparations underway to file a registration statement in the U.S. for a potential initial public offering or IPO of a minority ownership stake in the new company. The company said Animal Health would continue to be treated as a continuing operation for Pfizer's financial reporting purposes, while the name of the new standalone company would be Zoetis.
The new company, Zoetis, would build on the leadership of Pfizer Animal Health in the discovery, development, manufacture and marketing of a diverse portfolio of animal vaccines, medicines, biopharmaceuticals, diagnostics and genetic tests to prevent and treat disease in livestock and companion animals, Pfizer added.
Chairman and Chief Executive of Pfizer noted, "We are on track to create a standalone Animal Health company by our previously stated target of July 2013. Our focus continues to be on taking the actions that will generate the greatest after-tax value for our shareholders, with share repurchases remaining the case to beat in allocating cash proceeds from the separation."
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