Pfizer Inc. plans to spin off its animal health business in July 2013 under the moniker Zoetis, the New York City-based company reported yesterday.
Pfizer's New York headquarters
Pfizer is preparing an initial public offering of a minority ownership stake in the standalone company.
“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,” said Ian Reed, chairman and CEO of Pfizer.
The name Zoetis is derived from the term “zoetic,” which contains the root “zo” as in “zoo” and “zoology” and means “pertaining to life,” according to Pfizer.
“The name best captures the company’s focus on partnership with veterinarians, livestock producers and companion animal owners by providing innovative products and solutions that advance animal health and human well being,” said Juan Ramon Alaix, president of Pfizer Animal Health.
Pfizer plans to provide details regarding the spinoff as part of its 2012 second quarter earnings report, likely in late July or early August.
Pfizer’s animal health business, based in Madison, N.J., employs about 9,000 people and markets products to 120 countries. Its 2011 revenues were about $4.2 billion.
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