Pfizer's (PFE) Zoetis Unit Files for IPO; Will Transfer Over Animal Health Segment

Pfizer Inc. (NYSE: PFE) today announced that its subsidiary, Zoetis Inc. (zō-EH-tis), filed a registration statement with the U.S. Securities and Exchange Commission for a potential initial public offering (IPO) of Class A common stock. The offering is expected to represent an ownership stake of up to 20 percent. Prior to completion of the offering, which is targeted for the first half of 2013, Pfizer will transfer its animal health business to Zoetis. The number of shares to be offered and the price range for the offering have not yet been determined.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

J.P. Morgan, BofA Merrill Lynch and Morgan Stanley will act as the joint book-running managers for the proposed IPO.

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