Drugmaker Pfizer Inc. said Monday morning that its planned animal health subsidiary Zoetis, Inc. - which the company says is pronounced zō-EH-tis - filed a registration statement with the U.S. Securities and Exchange Commission for a potential initial public offering of Class A common stock.
Pfizer has been trying to sell the pieces of its business that it deems outside the core human pharmaceutical area, which includes infant nutrition and animal health.
In April, it agreed to sell the infant nutrition business to Nestle for $11.85 billion.
Pfizer says it plans to eventually sell all of Zoetis, but for now the potential offering of Zoetis stock would amount to only 20 percent of the company.
Such an IPO would occur in the first half of 2013, Pfizer said, adding that the number of shares or a price have not been determined.
The animal unit is profitable, so there is no need to dump it in a hurry.
The Pfizer press release, which has brokerage arrangements, is here.