Pfizer Inc. is taking its animal-health unit public in the biggest U.S. initial offering since Facebook Inc., a bet that growing affluence means more spending on caring for livestock and pets.
Pfizer’s Zoetis Inc. is seeking to sell 86.1 million shares today for $22 to $25 each, giving the unit a market value of about $11.8 billion at the midpoint of the range, regulatory filings show. The IPO, which may raise as much as $2.2 billion, would make Zoetis the largest public company of its kind and one of the only focused solely on medicines for animals, competing with businesses owned by such drugmakers as Sanofi and Merck & Co.
