Company type | Public |
---|---|
Industry | Pharmaceutical |
Founded | 1952 |
Headquarters | Parsippany, New Jersey, U.S. |
Area served | Worldwide |
Key people |
|
Revenue | US$8.54 billion (2023) |
US$3.02 billion (2023) | |
US$2.34 billion (2023) | |
Total assets | US$14.3 billion (2023) |
Total equity | US$4.99 billion (2023) |
Number of employees | c. 14,100 (2023) |
Website |
zoetis |
Footnotes / references [2] [3] |
Zoetis Inc. (/zō-EH-tis/ [4]) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. [5] [4] [6] The company was a subsidiary of Pfizer, [7] the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. [8] Operations outside the United States accounted for 50% of the total revenue. [5] Contemporaneous with the spinoff in June 2013 S&P Dow Jones Indices announced that Zoetis would replace First Horizon National Corporation in the S&P 500 stock market index. [9]
In the 1950s, Pfizer began research on several drugs, including oxytetracycline, which was found to be effective in livestock. [10] In 1952, the Pfizer Agriculture Division opened a 732-acre research and development facility in Terre Haute, Indiana, called Vigo. [10] [11] By 1988 the division was renamed Pfizer Animal Health. [10]
The 1995 acquisition of Norden Laboratories from GlaxoSmithKline expanded Pfizer's animal health division into small animal care, including domestic pets. [10] Secondary research and development centres were opened in Kalamazoo, Michigan, in 2003. [10] In the same year, Pfizer acquired Pharmacia Corporation for US$60 billion in stock options. [12] Between 2007 and 2011, the company acquired Embrex Inc, Catapult Genetics, Bovigen, Wyeth, Fort Dodge Animal Health, Vetnex Animal Health Ltd, Synbiotics Corporation, Microtek, King Pharmaceuticals, and Alpharma. [10]
Plans to break away Pfizer Animal Health into a separate company were officially announced in 2012. [13] [4] The new firm was named Zoetis in allusion to the Latin-derived zoological term zoetic, meaning "pertaining to life". [4] [7]
Zoetis Inc.'s revenues exceeded $4.2 billion in 2011 and $4.34 billion in 2012. [14] [15] [4] The animal health industry worldwide is an estimated US$22 billion industry. [4]
On May 22, 2013, The Wall Street Journal reported that Pfizer planned to sell its majority stake in the company. [15] According to the report, shareholders will have the option to swap their Pfizer shares for Zoetis shares. [15] The sell-off of Zoetis is consistent with Pfizer's recent decision to shed other non-pharmaceuticals subsidiaries in an effort to save costs, raise capital, and pay off debt. The company has announced that JPMorgan Chase, Bank of America, Merrill Lynch, Goldman Sachs & Co., and Morgan Stanley will be the lead underwriters. [16] [15]
In November 2014, activist investor Bill Ackman disclosed that Pershing Square Capital Management had taken an 8.5% stake in the company, amassing approximately 41.8 million shares, causing the share price to hit its highest price since the IPO. [17] On 17 November, the company announced it would acquire a portfolio of pet drugs from Abbott Laboratories for approximately $255 million. [18]
Records show that Pfizer officially filed for registration of a Class A stock with the U.S. Securities and Exchange Commission on August 10, 2012. [10] [19] Zoetis' IPO on February 1, 2013 sold 86.1 million shares for US$ 2.2 billion. [20] Shares sharply rose 19% by the end of the trading day to $35.01 a share, up from $26. [4] At the time, it was the largest IPO from a U.S. company since Facebook's $16 billion IPO on May 18, 2012. [21] Pfizer retained 414 million Class B shares giving it an 83% controlling stake in the firm. [22] [3] Stock investors were attracted to the steep profit margin in proportion to revenue and consumer confidence in potential future growth of the subsidiary. [4] The offering's lead underwriters were JPMorgan Chase, Bank of America Merrill Lynch and Morgan Stanley. [20] Most of the money raised through the IPO was used to pay off existing Pfizer debt. [4]
In November 2015, the company announced it would acquire a developer of aquaculture treatments and diseases, Pharmaq, for $765 million. [23] [24] In 2017, Zoetis acquired Ireland-based Nexvet, a company with a biologics focused technology and product candidate pipeline. [25] In the same year, the company also acquired KL Automation, a robotics company. [8]
In May 2018, the company announced its intention to acquire Abaxis for $1.9 billion in cash. [26] [27]
In August 2021, Zoetis announced it would buy Jurox, increasing the business' presence in New Zealand, the US, Canada and the UK. [28] In June 2022, Zoetis acquired Basepaws, a privately held genetics company. [29]
In September 2023, Zoetis acquired Petmedix, a privately held Cambridge, UK-based company, to bring the benefits of species-specific antibody therapies to pet owners. [30] [31]
Twenty-eight sites in 11 countries make up Zoetis manufacturing network, each facility designed to meet chemical and infectious agent safety regulatory requirements. Many R&D operations are co-located with manufacturing sites, a collaboration that allows bringing new products to market faster. Zoetis builds on six-decade Pfizer history and aims for high-tech innovative manufacturing technologies. Zoetis products include: [32] [33]
In 2021 Zoetis established the Zoetis Foundation, a non-profit entity aimed at supporting communities and individual who care for animals with a goal of distributing $35 million in grants by the end of 2025. So far, the Foundation has distributed approximately $14.7 million in grants across 2021-2023. [38] The grants have been allocated towards causes including advancing opportunities for veterinary professionals [39] [40] [41] and farmers, [42] providing support to those affected by the war in Ukraine, matching gifts programs, and delivering relief to those impacted by the earthquake in the Republic of Türkiye. [38]
Company type | Public |
---|---|
Industry | Pharmaceutical |
Founded | 1952 |
Headquarters | Parsippany, New Jersey, U.S. |
Area served | Worldwide |
Key people |
|
Revenue | US$8.54 billion (2023) |
US$3.02 billion (2023) | |
US$2.34 billion (2023) | |
Total assets | US$14.3 billion (2023) |
Total equity | US$4.99 billion (2023) |
Number of employees | c. 14,100 (2023) |
Website |
zoetis |
Footnotes / references [2] [3] |
Zoetis Inc. (/zō-EH-tis/ [4]) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. [5] [4] [6] The company was a subsidiary of Pfizer, [7] the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. [8] Operations outside the United States accounted for 50% of the total revenue. [5] Contemporaneous with the spinoff in June 2013 S&P Dow Jones Indices announced that Zoetis would replace First Horizon National Corporation in the S&P 500 stock market index. [9]
In the 1950s, Pfizer began research on several drugs, including oxytetracycline, which was found to be effective in livestock. [10] In 1952, the Pfizer Agriculture Division opened a 732-acre research and development facility in Terre Haute, Indiana, called Vigo. [10] [11] By 1988 the division was renamed Pfizer Animal Health. [10]
The 1995 acquisition of Norden Laboratories from GlaxoSmithKline expanded Pfizer's animal health division into small animal care, including domestic pets. [10] Secondary research and development centres were opened in Kalamazoo, Michigan, in 2003. [10] In the same year, Pfizer acquired Pharmacia Corporation for US$60 billion in stock options. [12] Between 2007 and 2011, the company acquired Embrex Inc, Catapult Genetics, Bovigen, Wyeth, Fort Dodge Animal Health, Vetnex Animal Health Ltd, Synbiotics Corporation, Microtek, King Pharmaceuticals, and Alpharma. [10]
Plans to break away Pfizer Animal Health into a separate company were officially announced in 2012. [13] [4] The new firm was named Zoetis in allusion to the Latin-derived zoological term zoetic, meaning "pertaining to life". [4] [7]
Zoetis Inc.'s revenues exceeded $4.2 billion in 2011 and $4.34 billion in 2012. [14] [15] [4] The animal health industry worldwide is an estimated US$22 billion industry. [4]
On May 22, 2013, The Wall Street Journal reported that Pfizer planned to sell its majority stake in the company. [15] According to the report, shareholders will have the option to swap their Pfizer shares for Zoetis shares. [15] The sell-off of Zoetis is consistent with Pfizer's recent decision to shed other non-pharmaceuticals subsidiaries in an effort to save costs, raise capital, and pay off debt. The company has announced that JPMorgan Chase, Bank of America, Merrill Lynch, Goldman Sachs & Co., and Morgan Stanley will be the lead underwriters. [16] [15]
In November 2014, activist investor Bill Ackman disclosed that Pershing Square Capital Management had taken an 8.5% stake in the company, amassing approximately 41.8 million shares, causing the share price to hit its highest price since the IPO. [17] On 17 November, the company announced it would acquire a portfolio of pet drugs from Abbott Laboratories for approximately $255 million. [18]
Records show that Pfizer officially filed for registration of a Class A stock with the U.S. Securities and Exchange Commission on August 10, 2012. [10] [19] Zoetis' IPO on February 1, 2013 sold 86.1 million shares for US$ 2.2 billion. [20] Shares sharply rose 19% by the end of the trading day to $35.01 a share, up from $26. [4] At the time, it was the largest IPO from a U.S. company since Facebook's $16 billion IPO on May 18, 2012. [21] Pfizer retained 414 million Class B shares giving it an 83% controlling stake in the firm. [22] [3] Stock investors were attracted to the steep profit margin in proportion to revenue and consumer confidence in potential future growth of the subsidiary. [4] The offering's lead underwriters were JPMorgan Chase, Bank of America Merrill Lynch and Morgan Stanley. [20] Most of the money raised through the IPO was used to pay off existing Pfizer debt. [4]
In November 2015, the company announced it would acquire a developer of aquaculture treatments and diseases, Pharmaq, for $765 million. [23] [24] In 2017, Zoetis acquired Ireland-based Nexvet, a company with a biologics focused technology and product candidate pipeline. [25] In the same year, the company also acquired KL Automation, a robotics company. [8]
In May 2018, the company announced its intention to acquire Abaxis for $1.9 billion in cash. [26] [27]
In August 2021, Zoetis announced it would buy Jurox, increasing the business' presence in New Zealand, the US, Canada and the UK. [28] In June 2022, Zoetis acquired Basepaws, a privately held genetics company. [29]
In September 2023, Zoetis acquired Petmedix, a privately held Cambridge, UK-based company, to bring the benefits of species-specific antibody therapies to pet owners. [30] [31]
Twenty-eight sites in 11 countries make up Zoetis manufacturing network, each facility designed to meet chemical and infectious agent safety regulatory requirements. Many R&D operations are co-located with manufacturing sites, a collaboration that allows bringing new products to market faster. Zoetis builds on six-decade Pfizer history and aims for high-tech innovative manufacturing technologies. Zoetis products include: [32] [33]
In 2021 Zoetis established the Zoetis Foundation, a non-profit entity aimed at supporting communities and individual who care for animals with a goal of distributing $35 million in grants by the end of 2025. So far, the Foundation has distributed approximately $14.7 million in grants across 2021-2023. [38] The grants have been allocated towards causes including advancing opportunities for veterinary professionals [39] [40] [41] and farmers, [42] providing support to those affected by the war in Ukraine, matching gifts programs, and delivering relief to those impacted by the earthquake in the Republic of Türkiye. [38]