Friday, January 18, 2013

Pfizer animal health Zoetis Ipo shares prices

Stock market today - Pfizer animal health Zoetis Ipo shares prices : Closing in on its IPO for its animal health unit Zoetis, Pfizer ($PFE) on Thursday reported that it would price shares between $22 and $25 each, potentially raising $2.2 billion when it happens at the end of the month, Bloomberg reports. The company intends to offer 86.1 million shares, a 20% stake, to investors.


Earlier in the day, the deal set off a scramble in the bond market with $30 billion in orders pouring in for a $3.65 billion four-part deal. For tax reasons, the sale starts with an equity-for-debt swap. After the IPO, Pfizer may distribute its remaining equity stake in Zoetis to shareholders, tax-free. Pfizer claims that the unit is the largest animal health and vaccines business in the world with sales in 2012 of $4.2 billion.

The company, the largest drugmaker in the world, has been trimming down under CEO Ian Read. The company has already agreed to sell its nutritionals business to Nestlé
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