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Financial News Network
August 14, 2012 AT 5:53 PM
Pfizer Inc (NYSE: PFE) is finally breaking away from its animal health division through an initial public offering. The new company named Zoetis filed for the IPO on Monday following reports Pfizer was ready to sell the business.The number one U.S drugmaker hopes to raise $100 million by selling about 20% of Zoetis to the public. According to Bloomberg, Pfizer may give the rest of the stock to current shareholders or save it to be sold later. This move comes as Pfizer has been making an effort to consolidate itself and focus only on its prescription drug business, having sold its infant nutrition unit in April. Juan Ramon Alaix, the current head of the division, will continue on as CEO of the new Zoetis.