Pfizer Offers Statement on Zoetis IPO
Pfizer Inc. (NYSE: PFE) today announced that its former animal health business unit, now a standalone company named Zoetis (NYSE: ZTS), began trading on the New York Stock Exchange under the ticker symbol “ZTS.”
“This is a proud moment for all Zoetis and Pfizer employees,” said Ian Read, chairman and chief executive officer of Pfizer. “With the Zoetis initial public offering, we are creating the largest standalone company fully devoted to animal health medicines and vaccines. For Pfizer, we are better positioned to focus on our core business as an innovative biopharmaceutical company, by unlocking value from the animal health business that will return value to Pfizer shareholders.”
Building on a 60-year history as the animal health business of Pfizer, Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines for livestock and companion animals. Pfizer announced in 2012 that it would pursue an initial public offering (IPO) of a minority ownership stake in its animal health business unit as part of its long-term strategy to focus on the company's core biopharmaceuticals business.
Serving health needs across eight animal species, including farm animals such as cattle, pigs, poultry, sheep and fish, and companion animals such as dogs, cats and horses, Zoetis' diversified portfolio of more than 300 product lines spans five categories: vaccines, parasiticides, anti-infectives, medicated feed additives, and other pharmaceuticals for veterinarians and livestock producers.
“Since 1952, our animal health business has served the needs of those who raise and care for animals with high quality medicines and vaccines. Now, as Zoetis, it is well positioned to pursue the growth strategies that will enhance its global reach and drive further commercial success. We congratulate our Zoetis colleagues on this important milestone,” said Read.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.