Zoetis, Pfizer financial update
Pfizer announced that it has accepted 405.1 million tendered Pfizer shares in exchange for the 401 million Zoetis shares that the pharma owns. As a result, the pharma no longer holds any ownership in its former animal health business. The exchange offer was oversubscribed, with 1.7 billion shares of Pfizer stock validly tendered and not validly withdrawn. Shares that were tendered but not accepted will be returned to shareholders. JPMorgan; BofA Merrill Lynch; Goldman Sachs; and Morgan Stanley were dealer managers. Pfizer adjusted its 2013 guidance to reflect the exchange offer. The pharma now expects revenues of $50.8-$52.8 billion, down from $55.3-$57.3 billion, and adjusted diluted EPS of $2.10-$2.20, down from $2.14-$2.24. Pfizer spun out Zoetis in February (see BioCentury, Feb. 11). ...