Pfizer Inc. (PFE) Taps Execs for Animal Health Spin Off
10/12/2012 7:54:55 AM
Pfizer Inc. PFE has named nine executives to round out the leadership team for its planned animal-health spinoff, Zoetis. In a filing with the U.S. Securities and Exchange Commission on Thursday, Pfizer said the executive vice presidents were named this month to lead various geographic regions, research and development, and other areas for Zoetis. All have been with Pfizer for at least several years. Pfizer earlier this year named Juan Ramon Alaix as chief executive of Zoetis, as well as a chief financial officer and board of directors. New York-based Pfizer plans an initial public offering for up to a 20% ownership stake in Zoetis, and may pursue the separation of the remaining 80% stake at a later date. Pfizer expects to complete the IPO in the first half of 2013. The Zoetis IPO is part of Pfizer's plan to shed certain businesses and hone its focus on human pharmaceuticals, partially unwinding years of mega-mergers that made Pfizer the largest drug maker in the world by sales. Pfizer previously agreed to sell its nutrition unit to Nestle SA (NESN.VX, NSRGY) for $11.85 billion in cash.
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