Pfizer to spin off Zoetis stake to shareholders

(Reuters) – Pfizer Inc said on Wednesday it will spin off its majority stake in animal health business Zoetis Inc to shareholders by allowing them to swap Pfizer stock for Zoetis stock at a 7 percent discount. Pfizer, the largest drugmaker, sold Zoetis shares in an initial public offering in February that raised $2.2 billion. Pfizer retained an 80 percent stake in Zoetis after the IPO and now plans to unwind that, starting with this offer. The offer would allow shareholders to exchange $100 worth of Pfizer stock for $107.52 worth of Zoetis stock. …