Pfizer To Explore Alternatives For Its Animal Health Business
By Pfizer Inc.
By Pfizer Inc.
July 11, 2011 – Pfizer Inc. announced that it is exploring strategic alternatives for its Animal Health and Nutrition businesses.
July 11, 2011 – Pfizer Inc. announced that it is exploring strategic alternatives for its Animal Health and Nutrition businesses based on its recent business portfolio review to determine the optimal mix of businesses for maximizing shareholder value. The company is considering options that may include, among others, a full or partial separation of each of these businesses from Pfizer through a spin-off, sale or other transaction.
Animal Health is a strong business with attractive customer base and solid fundamentals, but distinct enough from our core businesses that the value may be best maximized outside the company, said Ian Read, president and chief executive officer, Pfizer. “In exploring these alternatives, we can determine what options will best drive their future growth opportunities and expansion, and enable shareholders to potentially realize higher value for these businesses.”
Pfizer Animal Health is a world leader in the discovery, development, manufacture and commercialization of products, including vaccines, medicines, diagnostics and genetic tests, to prevent and treat disease in livestock and companion animals. This business has operations in more than 60 countries, an extensive research and development network with major research centers on four continents and strong market positions across several geographic regions, including the United States, Europe, Africa and Middle East, Canada and Latin America, and Asia- Pacific. In 2010, Animal Health achieved revenues of approximately $3.6 billion.
Pfizer has engaged J.P. Morgan in connection with the evaluation of strategic alternatives for its Animal Health business. Pfizer expects to complete any transactions that may result from these evaluations in 12 to up to 24 months, and does not anticipate making any further announcements regarding strategic alternatives for Animal Health until sometime in 2012.