NEW YORK--Pfizer Inc. (NYSE: PFE) today announced the next steps in the
strategic alternatives review process for the company's Animal Health
business. Preparations are underway to file a registration statement in
the U.S. for a potential initial public offering (IPO) of a minority
ownership stake in the new company. Pfizer expects to provide details
regarding the proposed transaction as part of its 2012 second quarter
earnings announcement. Animal Health will continue to be treated as a
continuing operation for Pfizer’s financial reporting purposes. The name
of the new standalone company will be Zoetis™ (zō-EH-tis).
“Pfizer Animal Health is a dynamic business with strong fundamentals, an
expanding and loyal direct customer base and a proven management team,”
said Ian Read, chairman and chief executive officer, Pfizer. “We are on
track to create a standalone Animal Health company by our previously
stated target of July 2013. Our focus continues to be on taking the
actions that will generate the greatest after-tax value for our
shareholders, with share repurchases remaining the case to beat in
allocating cash proceeds from the separation.”
The new company, Zoetis, will build on the leadership of Pfizer Animal
Health in the discovery, development, manufacture and marketing of a
diverse portfolio of animal vaccines, medicines, biopharmaceuticals,
diagnostics and genetic tests to prevent and treat disease in livestock
and companion animals. With more than 9,000 employees, the business
markets its products in more than 120 countries with operations in
developed and emerging markets and provides comprehensive animal health
solutions to veterinarians and the livestock farmers and companion
animal owners they support. The business has an extensive research and
development network and holds leading market positions across major
geographic regions, including North America, Europe, Africa, the Middle
East, Latin America, and Asia-Pacific. Revenues in 2011 were
approximately $4.2 billion.
The name Zoetis has its root in zo, which is familiar in commonly known
words such as zoo and zoology. It derives from zoetic, meaning
“pertaining to life,” and signals the company’s dedication to improving
the health of animals across species and around the world based on the
fundamental understanding that animal and human health are inextricably
linked.
“The name best captures the company’s focus on partnership with
veterinarians, livestock producers and companion animal owners by
providing innovative products and solutions that advance animal health
and human well-being,” said Juan Ramón Alaix, president, Pfizer Animal
Health. “We are excited about Pfizer’s decision to chart an independent
future for the Animal Health business and about our new name, Zoetis.”
This press release does not constitute an offer to sell, nor a
solicitation of an offer to buy, any securities, which will be made only
by prospectus.
Pfizer Inc.: Working Together for a Healthier World®
At Pfizer, we apply science and our global resources to improve health
and well-being at every stage of life. We strive to set the standard for
quality, safety and value in the discovery, development and
manufacturing of medicines for people and animals. Our diversified
global health care portfolio includes human and animal biologic and
small molecule medicines and vaccines, as well as nutritional products
and many of the world’s best-known consumer products. Every day, Pfizer
colleagues work across developed and emerging markets to advance
wellness, prevention, treatments and cures that challenge the most
feared diseases of our time. Consistent with our responsibility as the
world’s leading biopharmaceutical company, we also collaborate with
health care providers, governments and local communities to support and
expand access to reliable, affordable health care around the world. For
more than 150 years, Pfizer has worked to make a difference for all who
rely on us.
DISCLOSURE NOTICE: The information contained in this release is
as of June 7, 2012. Pfizer assumes no obligation to update
forward-looking statements contained in this release as the result of
new information or future events or developments.
This release contains forward-looking information that involves
substantial risks and uncertainties about the intention to file a
registration statement with the U.S. Securities and Exchange Commission
for an initial public offering of a minority ownership stake in Pfizer’s
Animal Health business, including the anticipated timing of such a
transaction and the potential benefits to Pfizer. Such risks and
uncertainties include, among other things, the possibility that the
initial public offering will not be consummated within the anticipated
time period or at all, including as the result of regulatory, market or
other factors; risks relating to Pfizer Animal Health as a standalone
business as the result of the variables and uncertainties inherent in
business, financial and operating performance, including, among other
things, competitive developments and general economic, political,
business, industry, regulatory and market conditions; and the potential
for disruption to Pfizer’s Animal Health business as the result of the
initial public offering.
A further description of risks and uncertainties can be found in
Pfizer’s Annual Report on Form 10-K for the fiscal year ended December
31, 2011 and in its reports on Form 10-Q and Form 8-K.
All content set forth in this communication is subject to consultation
with works councils, unions and employee representatives as required by
and subject to local laws and regulations.
Joan Campion, 212 733-2798
joan.campion@pfizer.com
or
Chuck Triano, 212 733-3901
charles.e.triano@pfizer.com