News Summary: Pfizer plans animal health IPO

AP News
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Posted: Aug 13, 2012 10:52 AM
News Summary: Pfizer plans animal health IPO

SPINNING OFF: Pfizer Inc., the world's largest drugmaker, plans an initial public offering of about $100 million in shares of its animal health business to pay off debt.

THE DETAILS: The offering represents up to a 20 percent ownership stake in the animal health business, which is named Zoetis. Regulatory filings do not detail the size of the offering, which may happen in first half of next year, or the anticipated share price.

ABOUT ZOETIS: It sells more than 300 product lines in about 70 countries. The business earned $245 million last year on $4.23 billion in revenue.