Pfizer Animal Health to be spun out as standalone company Zoetis

Pfizer Animal Health is to be spun out from its parent company Pfizer to become a standalone business called Zoetis.

Preparations have been commenced by Pfizer to file a registration statement in the US for a potential initial public offering of a minority ownership stake in the new company, which is on track to be established by July 2013.

This follows a strategic alternatives review process for Pfizer Animal Health, during which the sale of the business was considered, with Pfizer now deciding that establishing it as an independent entity will be best for the company and shareholders.

Zoetis will be able to build on the prominent position Pfizer Animal Health enjoys in the market, operating in more than 120 countries and employing more than 9,000 members of staff.

During the first quarter of 2012, the firm generated sales of $1.03 billion (667.64 billion pounds), up by six percent year on year.

Juan Ramon Alaix, president of Pfizer Animal Health, said the Zoetis 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 wellbeing".