Zoetis, Pfizer financial update

Pfizer extended to midnight EDT on June 21 the deadline for its shareholders to exchange their shares of common stock for 0.9898 shares of Zoetis common stock owned by the pharma. Pfizer has 401 million Zoetis shares, or about an 80.2% stake. As of June 18, the exchange offer was oversubscribed with 868 million Pfizer shares tendered. The pharma is splitting off its remaining interest in its Zoetis animal health business through the exchange offer (see BioCentury, May 27). ...