New company Zoetis should start independent trading by July 2013
Pharma giant Pfizer has taken the first steps towards spinning off its animal health business. It has been announced that preparations are underway to file for a potential stock market launch of the new firm. The standalone company name – Zoetis – was announced at the same time.
Pfizer’s animal health business has 9000 employees and markets products in over 120 different countries. In 2011, it generated sales of about $4.2 billion (£2.7 billion).
Zoetis is expected to start trading in July 2013. The company plans to give further details as part of its second quarter profit announcement.
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