Pfizer Inc. subsidiary Zoetis Inc. has filed plans with the U.S. Securities and Exchange Commission to publicly sell up to 20 percent of its stock. Prior to completion of the offering, which is targeted for the first half of 2013, Pfizer will transfer its animal health business to Zoetis, according to reports.
"Our focus continues to be taking the actions that will generate the greatest after-tax value for our shareholders," said Chairman and CEO Ian Read. The number of shares to be offered and the price range for the offering have not yet been determined. J.P. Morgan, Bank of America Merrill Lynch and Morgan Stanley will act as the joint book-running managers for the proposed IPO.