New York: Pfizer Inc's animal health subsidiary Zoetis raised US$2.2bil in its public offering, becoming the largest IPO from a US company since Facebook.
Madison, New Jersey-based Zoetis, which priced 86.1 million shares at US$26 according to an underwriter, is now valued at around US$13bil. Shares in the company, which sells an array of products for livestock and domestic pets, were expected to price in a range of US$22 to US$25.
Zoetis' over US$2bil public offering is the largest from a US company since Facebook raised US$16bil last May.
Zoetis, with annual sales of about US$4.2bil and 9,000 employees worldwide, is the largest player in the US$22bil animal health industry. It sells vaccines, diagnostics, anti-infectives and other medicine. - Reuters