Pfizer cashes in on global puppy love

The world's largest drug company has spun out its animal medicines unit in a move that may convince others to follow suit, writes Lee Spears.

3rd February, 2013
Pfizer's animal health unit Zoetis has a market value of about $13 billion. Photo: Getty

Pfizer has taken its animal health unit public in the biggest US initial public offering (IPO) since Facebook, a bet that growing affluence means more spending on caring for livestock and pets.

Pfizer's Zoetis sold 86.1 million shares last Friday at $26 each, giving the unit a market value of about $13 billion. The shares climbed by more than 20 per cent in early trading. The IPO made Zoetis the largest public company of its...

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