Pfizer Inc. (PFE) to Launch Animal-Health Unit IPO in Early 2013
12/14/2012 7:03:33 AM
Pfizer Inc's planned U.S. initial public offering (IPO) of its animal-health unit Zoetis Inc is likely by January or February and raise about $4 billion, the Wall Street Journal reported, citing people familiar with the discussions. The sources told the paper a final decision on the offering would depend on market conditions. The largest U.S. drug-maker believed that an IPO is the way to go for Zoetis, as the unit's hoped-for $20 billion valuation has priced it out of the range of potential strategic buyers, the Journal said. Pfizer said in June that it planned to separate its animal-health unit, which sells medicines, vaccines and other products for livestock and pets, into a standalone company. Zoetis makes Palladia, the first drug to be approved by the FDA for treating cancer in dogs, and has developed the first swine vaccine for pandemic H1N1 Influenza Virus in the United States.