20.01.2013

Zoetis Inc., the animal-health unit separating from Pfizer Inc., which develops and makes animal medicines and vaccines for both livestock and pets, plans to offer 86.1m Class A shares in a marketing range of US$22 to US$25 a share.
At the mid-point of its $22-25 price range, the animal-health business would be worth $11.8B, or 26 times earnings in the year to September 30. Zoetis will go public with an estimated leverage ratio of 4.1 times. Zoetis is headed by Juan Ramon Alaix, the president of Pfizer’s animal health business since 2006.