08.07.2011

Pfizer Inc. announced Thursday it will consider selling or spinning off its animal health business as well as its nutrition division, which manufactures infant formulas and other baby foods. 
Two years ago, Pfizer spent $68 billion to acquire Wyeth and its subsidiary, Fort Dodge Animal Health.
The move to unload Pfizer Animal Health responds to pressure from shareholders to divest some business in an effort to free up cash for investors. Earlier this year, the company announced it would cut its research and development budget by as much as one-fourth in 2012. 
Pfizer notes that its animal health unit is a world leader in the sector, operating in more than 60 countries and generating revenues of around $3.6 billion in 2010.