Pfizer animal health unit IPO soars

Drugmaker Pfizer's initial public stock offering of its animal health business, Zoetis, raised $2.2 billion, the largest IPO by a U.S. company since Facebook Inc. raised $16 billion last May. Shares jumped 19 per cent from their initial $26 price, closing at $31.01.

For now, Pfizer Inc. retains ownership of at least 80 per cent in Zoetis Inc., which has annual sales of $4.2 billion.

Zoetis CEO Juan Ramon Alaix plans to keep developing new medicines and vaccines for pets and livestock, creating new versions and combinations of existing products, and expanding in emerging markets.

AP