Pfizer details final spinoff of Zoetis

US pharma behemoth Pfizer (NYSE: PFE) has announced the  final exchange ratio of 0.9898 for the animal health business Zoetis (Nasdaq: ZTS) exchange offer in connection with its previously announced offer to its shareholders to exchange some or all of their shares of Pfizer common stock for shares of Zoetis Inc held by Pfizer (The Pharma Letter March 23).

For each share of Pfizer common stock that is validly tendered and not validly withdrawn by shareholders and that is accepted by Pfizer pursuant to the exchange offer, Pfizer will deliver 0.9898 shares of Zoetis common stock to or at the direction of such tendering holder. Because the exchange offer will be subject to proration if the exchange offer is oversubscribed, the number of shares of Pfizer common stock that Pfizer accepts in the exchange offer may be less than the number of shares validly tendered by shareholders. Based on the final exchange ratio, Pfizer will accept for exchange 405,117,195 shares of its common stock if the exchange offer is fully subscribed.

Spinoff Report sees fundamental break-up post Zoetis