Pfizer is exploring strategic alternatives for its Animal Health and Nutrition businesses based on its recent business portfolio review to determine the optimal mix of businesses for maximizing shareholder value.
The company is considering a full or partial separation of each of these businesses from Pfizer through a spin-off, sale or other transaction. Given the separate and distinct nature of Animal Health and Nutrition, the company may pursue a different strategic alternative for each business.
"Both Animal Health and Nutrition are strong businesses with attractive customer bases and solid fundamentals, but distinct enough from our core businesses that their value may be best maximized outside the company," said Ian Read, Pfizer’s president and CEO.
Pfizer Animal Health is a leader in the discovery, development, manufacture and commercialization of products, including vaccines, medicines, diagnostics and genetic tests, to prevent and treat disease in livestock and companion animals. This business has operations in more than 60 countries, and an extensive R&D network with major research centers on four continents. In 2010, Animal Health achieved revenues of approximately $3.6 billion.
Pfizer Nutrition provides quality formulas and nutritional products for infants and children up to seven years old. This business has operations on six continents with products available in more than 60 countries. Nutrition generated revenues of approximately $1.9 billion in 2010.
Pfizer has engaged J.P. Morgan for its Animal Health business and Morgan Stanley and Centerview Partners' advisory business for its Nutrition business. Pfizer expects to complete transactions within 12 to 24 months.