Pfizer Completes Zoetis IPO

Skadden represented Pfizer Inc. in the carve-out of its Animal Health business into a separate publicly traded company called Zoetis Inc. via a $2.6 billion initial public offering of Class A common stock, announced on February 1. Following completion of the IPO — the largest by a U.S. company since Facebook and the largest carve-out to list on a U.S. exchange in more than five years — Pfizer will retain an approximately 80 percent ownership of Zoetis. Skadden also represented Pfizer in connection with the Rule 144A/Regulation S offering of $3.65 billion Zoetis senior notes, which closed in January 2013.