Pfizer more likely to spin off its animal health unit than sell it, CEO says

LOS ANGELES , March 12, 2012 () – Pfizer CEO Ian Read said his company is more likely to spin off its animal health unit than sell it, Reuters reported March 12.

Read said that although no final decision has been made, there were clear attractions for shareholders in a tax-free spinoff of the operation.

Read took over as Pfizer CEO in December 2010. He is looking to shrink the group by divesting non-core businesses, including veterinary medicine and infant nutrition. The company is losing billions of dollars of revenue from cholesterol product Lipitor, and its nutrition business is widely expected to be sold outright for around US$10 billion.

The primary source of this article is Reuters, London, England, on March 12, 2012.

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