Pfizer files IPO plan for animal health business

[August 13, 2012]  (AP) -- Pfizer is planning an initial public offering of about $100 million in shares of its animal health business to pay off debt.

The long-anticipated offering by the world's largest drugmaker will represent up to a 20 percent ownership stake in the animal health business, which it named Zoetis (Zoh-ETT-iss). Regulatory filings from Pfizer Inc. do not detail the size of the offering or the anticipated share price.

The New York company says it will exchange Class A common shares to debt holders, who will then sell the stock. Neither Zoetis nor Pfizer will receive proceeds.

Pfizer will keep a controlling interest in the company through Class B shares that it may give to its shareholders.

Pfizer says the offering may happen in the first half of 2013.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.