Pfizer To Spin Off Animal Health Business

On June 6, 2012, drugmaker Pfizer Inc. said that it’s taking
their first steps to spin off its animal health business into a separate
company.
Pfizer claimed it is preparing to submit a regulatory filing
for a possible initial offering of a minority stake in the new company, to be
called Zoetis. New York-based Pfizer said it will provide more details when it
reports its second-quarter results, likely during the first week of August (http://goo.gl/okn3p).
“Our focus continues to be taking the actions that will
generate the greatest after-tax value for our shareholders,” Chairman and CEO
Ian Read said in a statement.
Just over seven weeks ago, Pfizer sold its infant nutrition
business for $11.85 billion to Swiss food and drink giant Nestle SA. In the
third quarter of 2011, they sold its Capsugel capsule-making business to
Kohlberg Kravis Robert & Co. for $2.38 billion in cash. These moves are
part of a major corporate makeover.
The new name Zoetis come from the word zoetic, meaning
“pertaining to life.”
In the US, the business sells Convenia, an antibiotic for
dogs and cats; Revolution, for protecting dogs and cats from fleas, heartworms
and other parasites, and a cancer drug for dogs called Palladia (http://goo.gl/okn3p).
If you have any questions about your pets medications, give
one of our great doctors a call at the Bregman Vet Hospitals and they will help
you understand the medicine better.

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