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Pfizer to Spin Off Remaining Zoetis Stake in Exchange Offer

Pfizer Inc. (PFE) said it plans to shed its majority stake in animal-health company Zoetis Inc. (ZTS), continuing Pfizer's efforts to its hone its focus on drugs and vaccines for humans.The company has been shedding nonpharmaceutical assets over the past two years, and using proceeds to repurchase its shares in an effort to bolster shareholder returns. At the same time, Pfizer has cut costs and tried to improve the productivity of its research-and-development pipeline to help soften the impact of the loss of market exclusivity for its big-selling cholesterol drug Lipitor and other drugs.New York-based Pfizer will offer its shareholders the opportunity to exchange Pfizer shares for shares of Zoetis at a discount, to complete a full separation of Zoetis into an independent company.In February, Pfizer sold nearly 20% of Zoetis shares in a successful initial public offering that raised more than $2 billion, and maintained ownership of the remaining stake.Pfizer indicated at that time that ...

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  1. Chrysler recalls 469,000 SUVs worldwide over gearshift problem

    Chrysler Group LLC is recalling about 469,000 SUVs worldwide to update software after some vehicles' circuit boards were found to be transmitting signals that trigge...

  2. Chrysler recalls 469,000 SUVs worldwide over gearshift issue

    Chrysler Group LLC is recalling about 469,000 SUVs worldwide to update software after some vehicles' circuit boards were found to be transmitting signals that trigge...

  3. G7 to press on with bank reforms, Japan escapes censure

    Group of Seven finance officials agreed on Saturday to redouble efforts to deal with failing banks and gave a green light to Japan's drive to galvanize its economy.B...

  4. G7 to press on with bank reforms, gives Japan free pass

    Group of Seven finance officials agreed on Saturday to press on with measures to deal with failing banks and gave a green light to Japan's efforts to galvanize its e...

  5. Pfizer Has Second Recall of Thyroid-Disorder Drug Levoxyl

    Pfizer Inc. (PFE) issued its second recall of thyroid-disease treatment Levoxyl in recent weeks, this time because some tablets didn't meet potency standards.Pfizer ...

  6. Applying for a Job? 5 Follow-up Tips That Can Net Success

    Call it being proactive. Or persistent. Effective follow up is an essential part of the professional development experience--especially when it comes to the job-sear...

  7. Airbag maker Takata names first foreign president

    Japan's Takata Corp <7312.T>, reeling from a massive airbag recall, said on Friday it will replace its president with Swiss national Stefan Stocker, the first foreig...

  8. Volkswagen recalls 91,000 cars in Japan

    Volkswagen is recalling about 91,000 cars in Japan, a spokesman for the company said, citing potential gearbox problems that have already caused a recall in China.Th...

  9. U.S. regulators close inquiries into Ford, Chrysler vehicles

    U.S. auto safety regulators closed two separate probes into vehicles made by Ford Motor Co and Chrysler Group LLC after the two U.S. automakers conducted safety reca...

  10. At cautious Toyota, low risk rules even as profit booms

    Toyota Motor Corp <7203.T> refuses to be tempted away from its low-risk growth strategy, even as the world's bestselling carmaker is likely to show that it met its m...

  11. BMW Recalls 220,000 Vehicles Globally Over Airbag Defect

    German luxury carmaker BMW AG (BMW.XE) has issued a recall of 220,000 vehicles because of a defect in airbags installed over a decade ago, a spokesman confirmed Tues...

  12. BMW recalls 220,000 vehicles in Takata airbag issue

    BMW is recalling about 220,000 vehicles worldwide from model years 2002 and 2003 as part of a wider recall affecting airbags made by supplier Takata Corp <7312.T>, B...

  1. Medtronic Sales Rise 4% As Heart, Spinal Sales Rebound

    Medtronic Inc.'s (MDT) fiscal fourth-quarter sales grew roughly 4%, but expenses related to employee layoffs and manufacturing consolidation caused earnings to fall ...

  2. Is Barefoot Driving Legal?

    You may not be able to walk into a McDonald's in bare feet, but you can drive there without shoes.Driving a car barefoot is legal in all 50 states. While the risks o...

  3. How my mom Inspired me During a Savings Slump

    I've been  saving up for a big purchase , so I've seriously tightened my budget. Staying within my own strict boundaries has been frustrating.When I get frustrated, ...

  4. Hit by an Uncooperative Driver--What Now?

    Not everyone is nice. No surprise there.But what if an uncooperative type slams into your car?How do you get the bare basics from the other driver without risking yo...

  5. Hyundai to Recall 109,764 Cars in China Because of Defective Brakes

    Hyundai Motor Co. (005380.SE) will recall 109,764 vehicles in China because of defective brakes, China's quality control agency said on Tuesday.The affected cars wer...

  6. Chrysler to Recall 301K Jeep and Ram Vehicles

    Chrysler Group said it will recall 301,283 vehicles from its Jeep and Ram brands to address several issues, including a problem that could cause some Jeep sport util...

  7. Beijing Hyundai Recalls 121,835 Cars - China Government Agency

    Beijing Hyundai Motors Co. is recalling 121,835 cars due to brake flaws, China's quality control agency said Monday.The recall by the joint venture between Hyundai M...

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