Zoetis Inc., the animal-health unit of Pfizer Inc., is seeking as much at $2.2 billion in an initial public offering. Pfizer is offering 86.1 million shares for $22 to $25 each, Zoetis said Jan. 17 in a regulatory filing. The midpoint of the range would value the New Jersey-based company at $11.8 billion, or about 26 times earnings in the 12 months through Sept. 30.The IPO is scheduled to price Jan. 31, according to data compiled by Bloomberg.
Pfizer Chief Executive Officer Ian Read is selling Zoetis as one of a series of efforts to shrink the world’s biggest drugmaker by divesting non-drug units.
Zoetis plans to list on the New York Stock Exchange under the symbol ZTS. JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley are leading the offering. PD
—From Bloomberg article (Click here to read the full article.)