Boston, MA 27/06/2013 (wallstreetpr) – Zoetis Inc. (NYSE:ZTS) is engaged in the business of animal healthcare. Zoetis is in the operation of developing, discovering, manufacturing and commercializing the animal medicines and vaccines. It was earlier a segment of Pfizer Inc. and has now successfully made its independent existence. Pfizer Inc (NYSE:PFE) earlier held more than 80% of the stock of Zoetis.
On June 24, 2013 Zoetis started a new chapter in its existence, operating as an independent company. The Chief Executive Officer Juan Ramon Alaix has said that it was a historic and a memorable day for the company to operate independently. The company will now look forward to implement their strategies and planning as a fully independent company.
As per the terms of the agreement Pfizer has accepted the deal of giving away the stock of Zoetis held by them in exchange of 400,985,000 shares of Pfizer. This agreement separates Pfizer from Zoetis as Pfizer will no longer hold any ownership interest in Zoetis. The company has brought a change in their Board of Director’s. Even some of the executives to the Board of Pfizer have stepped down after the separation of the two companies. Aliax has remarked the change in board of directors as an addition to the value of the company and to experience a new leadership. The completion of the above exchange offer is subjected to certain conditions; Pfizer may waive all or any of these conditions of the exchange offer.
Zoetis started its first day of trading after joining S&p 500. S&P Dow Jones welcomed the new member to the S&P 500 GICS Pharmaceuticals Sub-Industry index after the close of trading on June 21. The company has declared a dividend of $0.065 for their third quarter on June 20 this year. The dividend will be paid on 2nd of September this year.
