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Pfizer sets IPO for animal health unit

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Pfizer Inc. this week said it would sell up to 20 percent of its animal health spinoff in an initial public offering.

The unit, which was renamed Zoetis Inc. in June, is based in Madison.

The company is a wholly owned subsidiary of Pfizer, but documents filed with the Securities and Exchange Commission suggest up to 20 percent of the business will be sold in the IPO. The offering is expected to take place in the first half of next year, though the company did not outline the number of shares or the price range of those shares.

The Zoetis IPO is the latest move in a streamlining of the company since Ian C. Read took over as CEO in 2010. In April, Pfizer announced it would sell its nutrition business to Nestle. The company also looked for buyers for the animal health unit before opting to spin it off.

Zoetis makes a variety of veterinary medicines and vaccines, with about two-thirds of sales coming from livestock products.

On Aug. 14, the New Jersey Economic Development Authority awarded the business entity a $9.2 million Business Employment Incentive program tax incentive to create 225 jobs.

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