One spin-off that I am keeping a track of is the Pfizer spin-off of its animal unit, Zoetis.
“Zoetis is a global leader in the discovery, development, manufacture and commercialization of animal health medicines and vaccines, with a focus on both livestock and companion animals.” The company had revenues of $4.2 billion and $245 million in fiscal year 2011. In the first six months of 2012, the company had revenue of $2.14 billion and net income of $284 million.
The pricing and terms are not set, but based on the most recent S1 filing, the company is offering Class A shares (one vote per share on all matters) to the public. Class B shares, which have ten votes per share for election of directors and one vote per share for all other matters, will be held by Pfizer.
Pfizer “may make a tax-free distribution to its stockholders of all or a portion of its remaining equity interest in us, which may include a distribution effected as a dividend to all Pfizer stockholders or a distribution in exchange for Pfizer shares or other securities (or another similar transaction).”
Analysts are valuing Zoetis at over $15 billion. Once the terms come out, I will have more analysis.
Check out the S1 analysis here.
Disclosure: I do not own PFE.