Pfizer’s animal health unit trading on New York Stock Exchange

Pfizer has announced its former animal health business unit Zoetis has begun trading on the New York Stock Exchange under the ticker symbol ZTS.

The pharmaceuticals company confirmed that the move will better position its core operations as an innovative biopharmaceuticals organisation by unlocking value from the animal health business to return value to its shareholders.

Now a standalone company, Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines for both livestock and companion animals.

Last year, Pfizer announced it would pursue an initial public offering of a minority ownership stake in its animal health business unit as part of its long-term strategy to focus on core biopharmaceuticals business.

The company services health needs across eight animal species and possesses a diversified portfolio of more than 300 product lines over five categories.

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