Pfizer Inc. is shedding yet another nonpharmaceutical asset with its June 7 announcement that it plans to spin off its animal health business into a separate company to be called Zoetis.
Skadden, Arps, Slate, Meagher & Flom and DLA Piper are advising the New York-based company on the matter, reprising the roles they played in April in connection with the $11.9 billion sale of Pfizer’s infant nutrition business to Nestlé. (Clifford Chance also advised Pfizer on certain aspects of that deal.) Both moves are part of the drug company’s ongoing strategy to divest nonpharmaceutical businesses in order to increase revenues and mollify shareholders who have expressed concern over flagging stock prices in recent years, according to Forbes.
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