Zoetis successfully closes initial public offering

Zoetis has closed its initial public offering, a key milestone in the former Pfizer animal health subsidiary's process of becoming a standalone company.

The offering of 99,015,000 included 12,915,000 shares of Class A common stock sold pursuant to the underwriters' option to purchase additional shares, which was then exercised in full prior to the closing.

Following the completion of this offering, Pfizer retains an 80 percent ownership stake in the Zoetis business and owns 100 percent of the newly-independent business's outstanding Class B common stock.

Formerly known as Pfizer Animal Health, Zoetis has been spun out as a standalone enterprise as part of Pfizer's efforts to refocus its business model, while also creating the world's largest company devoted solely to animal health medicines and vaccines.

Ian Read, chairman and chief executive officer of Pfizer, said: "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."