Pfizer Begins Spinoff Of Animal Health Business

Law360, New York (June 07, 2012, 2:27 PM ET) -- Pfizer Inc. on Thursday made good on its promise to spin off or sell its animal health business, announcing the formation of a new company, Zoetis, which it will take public by next July.

The move follows the $11.85 billion sale of its infant nutrition unit to Nestle SA in April as the world's biggest drugmaker looks to squeeze more growth from its core biopharmaceutical division. New York-based Pfizer had been exploring options, including spinoffs and sales, for both units since last summer.

It said it...
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