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Joan Campion joan. Chuck Triano charles. Mon—Fri, am—pm ET. You are leaving the country website to access another site in the group. Regulatory constraints and medical practices vary from country to country. Consequently, the information provided on the site in which you enter may not be suitable for use in your country. By Ben Hirschler , Kate Kelland. N is more likely to spin off its animal health unit than sell it, reflecting the expected investor appeal of such a large standalone business, its chief executive said on Monday.
No final decision has been taken but Ian Read told Reuters there were clear attractions for shareholders in a tax-free spin-off of the operation, which is the biggest in the industry. Read, who took over as Pfizer chief in December at a challenging time, is shrinking the group by divesting non-core businesses, including veterinary medicine and infant nutrition.
Pfizer is losing billions of dollars of revenue from cholesterol blockbuster Lipitor, which is now off patent in many markets, although Read said he hopes to carve out a new future for the medicine as an over-the-counter OTC product.
N seen as frontrunners. The process for animal health, however, is less well advanced and the case for a sale less obvious. Pfizer faces a hefty tax bill if it sells outright and any buyer would also faces substantial antitrust hurdles.
The premium is meant to encourage Pfizer shareholders to acquire Zoetis shares. Pfizer owns ,, shares of Zoetis Class B common stock that it will convert to Class A shares for the exchange. Pfizer shareholders must request at least Pfizer said that selling the rest of Zoetis will boost earnings starting in If it does not sell all of its stake through the exchange offer, Pfizer said it could turn to additional exchange offers or a special dividend.
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