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Pfizer eyes IPO of animal health division


Drug company hopes to raise $3 billion from its £11 billion division

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Drugs company Pfizer is weighing up a potential initial public offering of its animal health division valued at £11 billion, reports suggested on Monday.

the company is hoping to raise around $3 billion from the IPO, which it has opened discussions about, the Financial Times reported. Pfizer would look to place up to 19.9 percent of the unit's shares in the autumn.

Pfizer's animal health division is the largest in the world. It said it was still evaluation all options for the division, which had been criticised for poor returns. However, a full blown sale would be likley to incur a large tax hit.

Analysis by Deloitte and the Spinoff Report, a specialist corporate break-up adviser, said the global value of "corporate spinoffs" is set to rise by 92 percent to £250 billion in 2012.

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Pfizer eyes IPO of animal health division
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