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News Summary: Pfizer animal health unit IPO soars
Friday - 2/1/2013, 5:06pm EST
(AP) - GOOD START: Drugmaker Pfizer's initial public stock offering of its animal health business, Zoetis, raised $2.2 billion, the largest IPO by a U.S. company since Facebook Inc. raised $16 billion last May. Shares jumped 19 percent from their initial $26 price, closing at $31.01.
PFIZER STAKE: For now, Pfizer Inc. retains ownership of at least 80 percent in Zoetis Inc., which has annual sales of $4.2 billion.
GAME PLAN: Zoetis CEO Juan Ramon Alaix plans to keep developing new medicines and vaccines for pets and livestock, creating new versions and combinations of existing products, and expanding in emerging markets.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)