Pfizer's Zoetis spin-off could raise $12 billion; BGI-Shenzhen updates on Complete Genomics deal

Pfizer (NYSE: PFE), the world’s largest drugmaker by sales, which has previously said it is spinning off its Zoetis, the animal-health business, in a filing with the US Securities and Exchange Commission the drug giant said that it plans to offer 86.1 million shares priced at between $22-$25, which is set to raise up to $2.2 billion in an initial public offering later this month.

Back last summer, Pfizer, which also sold its non-core infant nutrition business to Nestle for $11.85 billion and Capsugel (acquired by Kohlberg Kravis Roberts) for $2.38 billion, said preparations are underway to file a registration statement in the US for a potential initial public offering (IPO) of a minority ownership stake in the separate animal health business to be called Zoetis (The Pharma Letter June 8, 2012).At that time, analysts valued the new standalone company at between $15 billion and $20 billion. The animal-health business generated $4.2 billion in revenues in 2011. It sells more than 300 lines of products to livestock producers and veterinarians across 70 countries around the world.

Chinese bidder extends tender offer for Complete Genomics