Pfizer positions animal IPO

Investor's Business Daily

The No. 1 drugmaker's shares, which on Thu. hit their highest point since July '07, fell back early Fri. after it set terms for spinoff of its Zoetis animal-health unit. Pfizer (PFE) also won a European panel vote for bosutinib, its treatment for a type of leukemia that accounts for about 15% of all leukemia cases. Pfizer's veterinary unit will sell 86.1 mil shares for $22-$25 each, about $2 bil total. It's the biggest deal since Facebook's (FB) offering last May, which raised more than $16 bil. Pfizer fell 1.2% to 26.54.

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