Pfizer follows Abbott’s lead, completes veterinary split-off

Following the successful split of Abbott into separate companies developing human and veterinary medicines, Pfizer have announced that they will complete a similar split, when they separate from Zoetis in a share exchange offer later this year. Zoetis is the veterinary medicines business that Pfizer spun-out, and then launched onto the stock market with an IPO earlier this year.

“We are pleased with Zoetis’s performance since the IPO in February. Given the strong demand in the IPO and a favorable market environment, we concluded that now is the appropriate time to distribute our remaining stake in Zoetis,” said Ian Read, Pfizer Chairman and Chief Executive Officer.