Pfizer is cutting the apron strings at Zoetis. Just months after its highly successful IPO, in which Pfizer sold off a 20% stake, the animal health business is set to become fully independent. Pfizer is offering a stock swap to its shareholders, who can exchange $100 in Pfizer shares for roughly $107 worth of Zoetis stock.
Call it a rite of spring. Every year about this time, FiercePharma takes a look at executive compensation in the industry, and we rank the highest-paid CEOs. If you're a regular reader, you'll notice that this year's list is longer than previous editions. And there's a reason for that: curiosity. Check out the report >>
Pfizer's "external partner management" process is not exactly "American Idol" and Pfizer's John F. Kelly is not exactly Simon Cowell, but this year the Pfizer Global Supply (PGS) unit will go through the exercise of turning a handful or two of its more than 200 contractors into stars.
Pfizer CEO Ian Read has given yet another glimpse into the future of the drugmaker as he shapes it into a more efficient pharmaceutical operation. In a disappointing disclosure to those who look for more spinoffs, he said Pfizer will hold onto its consumer health business.
Last year was a tough one for Pfizer ($PFE), having to shoulder a full 12 months without the riches of Lipitor to rely on. Still, CEO Ian Read did the best he could with what he had to work with. And for that, he got a small raise, although nothing like the 44% upgrade he received a year ago.
The spinoff of Pfizer's animal health unit has gone off with such success that it may make some wonder why CEO Ian Read didn't keep it and dump the challenging pharmaceutical business.
Pfizer ($PFE) may, in fact, split itself in two, CEO Ian Read says. But don't hold your breath for the securities filings. The company would have to make a lot of structural changes before a legal separation is even possible.
One week before his bellwether case hit court, Pfizer has made a deal with plaintiff Billy G. Bedsole Jr., who alleged that the stop-smoking drug triggered his suicidal thoughts and other psychiatric problems.
A top Pfizer ($PFE) official tells Bloomberg that the company will probably reorganize into two business units--one focused on innovative drugs, the other on off-patent meds (and perhaps consumer health)--from four. And that would pave the way for a two-way split.
Another Big Pharma CEO faces the prospect of appearing before a jury to testify in defense of a drug that has been called dangerous.