According to Reuters, Pfizer Inc plans to separate its animal health unit into a stand-alone company, hoping to focus more intently on its core pharmaceuticals business.Â Pfizer said on Thursday that preparations were under way for a public offering of a minority stake in the new animal health company, which would be called Zoetis.
Ian Read, Pfizer's chief executive has stated, "We are on track to create a standalone animal health company by our previously stated target of July 2013." Pfizer's animal health business is estimated at $18bn.Â More details will be revealed this summer, as the US group announces it's second-quarter earnings.
The firm states the new company, Zoetis, "will build on the leadership of Pfizer's animal health unit in the discovery, development, manufacture and marketing of a diverse portfolio of animal vaccines and medicines."
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