Published on: Mar 4, 2016
Transcripts - PressReleases-Zoetis-ZoetisBecomesFullyIndependentWithAcceptanceofPfizerSharesTenderedinExchangeOffer-2013-06-24
Published on Press Releases | Zoetis (http://news.zoetis.com) on June 24, 2013
Zoetis Becomes Fully Independent With Acceptance of
Pfizer Shares Tendered in Exchange Offer
Monday, June 24, 2013 9:17 am EDT
FLORHAM PARK, N.J.
Names Michael McCallister as Non-Executive Chairman of the Board
Appoints Two New Board Members, Sanjay Khosla and Robert Scully
FLORHAM PARK, N.J.--(BUSINESS WIRE)--Zoetis Inc. (NYSE: ZTS), the former animal health business of Pfizer Inc. (NYSE: PFE),
opens a new chapter in the company’s history today, marking its separation from Pfizer and first day as a fully independent
“This is an historic day for Zoetis,” said Zoetis Chief Executive Officer Juan Ramón Alaix. “We are setting off on the next
stage in our company’s life – pursuing our own initiatives and strategies as a fully independent company.”
“I am very proud of all the Zoetis colleagues who have prepared us for this day, while continuing to support our customers
with the products, innovations and reliable supply they expect from us. We will continue serving our customers in ways that
make a meaningful difference to their businesses and strengthen our position as the world leader in animal health,” said Alaix.
As of today, according to the terms of the exchange offer that commenced on May 22, 2013, Pfizer has accepted shares of
Pfizer stock in exchange for all of its 400,985,000 shares of Zoetis common stock, according to the preliminary results of its
exchange offer announced in a Pfizer press release today. Following Pfizer’s acceptance of shares of Pfizer common stock,
Pfizer no longer holds any ownership interest in Zoetis, making Zoetis a fully independent company. Full details of the
preliminary results are available in a separate press release issued this morning by Pfizer and on www.zoetisexchange.com.
Final results of the exchange offer will be announced in the coming days.
Zoetis has also become one of the newest members of the S&P 500®. S&P Dow Jones Indices announced its intent to add
Zoetis to the S&P 500 GICS (Global Industry Classification Standard) Pharmaceuticals Sub-Industry index after the close of
trading on June 21.
Changes in Board of Directors
In related news, Zoetis announced the appointment of Michael McCallister as Non-Executive Chairman of the Zoetis Board of
Directors. Mr. McCallister, former CEO of Humana, has served on the Zoetis Board since January 2013. Mr. McCallister replaces
Frank D’Amelio, Executive Vice President, Business Operations and Chief Financial Officer of Pfizer, as Non-Executive
Chairman of the Zoetis Board. Mr. D’Amelio will remain a director on the Zoetis Board.
Given the separation, which eliminates Pfizer’s ownership interest in Zoetis, certain Pfizer executives have stepped down
from the Board: Geno Germano, Douglas Giordano, Charles Hill and Amy Schulman. Meanwhile, Zoetis appointed two new
independent directors to the Board, effective as of the closing date of the exchange offer: Sanjay Khosla and Robert Scully.
The Board will continue to evaluate additional board candidates to identify individuals with appropriate backgrounds and
experience to guide the company’s strategic direction and contribute to the company’s success.
“The changes to our Board reflect our full independence from Pfizer and add valuable new experience to our leadership,” said
Alaix. “I want to thank the exiting directors for their support and guidance in achieving our separation objectives and shaping
our strategy for the future of Zoetis.”
Mr. Khosla brings more than 35 years of international business experience from his career with food, beverage and consumer
product leaders such as Mondelez, Kraft and Unilever, where he managed various business units, particularly in developing
markets. He also has animal health experience from his three-year tenure as Managing Director of Fonterra Brands and Food
Service, a multi-national dairy cooperative based in New Zealand. Mr. Khosla serves on the board of Best Buy, Inc., a specialty
retailer of consumer electronics, personal computers, entertainment software and appliances, and on the board of NIIT, Ltd.,
a company involved in technology-related educational services.
Mr. Scully served as a member of the office of the chairman of Morgan Stanley focusing on the firm's key clients until January
2009, when he retired after nearly 35 years in the financial services industry. Mr. Scully brings global management experience,
business development knowledge and investor insights to the Zoetis board. In addition to his roles at Morgan Stanley from
1996 through 2008, Mr. Scully held various positions in other banking and financial services companies throughout his career.
He currently serves on the board of Kohlberg Kravis Roberts & Company (KKR), a global investment management firm.
Zoetis (zō-EH-tis) is the leading animal health company, dedicated to supporting its customers and their businesses. Building
on a 60-year history as the animal health business of Pfizer, Zoetis discovers, develops, manufactures and markets
veterinary vaccines and medicines, with a focus on both farm and companion animals. The company generated annual
revenues of $4.3 billion in 2012. It has more than 9,300 employees worldwide and a local presence in approximately 70
countries, including 29 manufacturing facilities in 11 countries. Its products serve veterinarians, livestock producers and
people who raise and care for farm and companion animals in 120 countries. For more information on the company, visit
Information in this press release contains forward-looking statements, which reflect management’s expectations regarding
future events and operating performance and speak only as of the date hereof. Words such as anticipate, expect, project,
intend, plan, believe, and words and terms of similar substance used in connection with any discussion of future plans,
actions, or events identify forward-looking statements. These forward-looking statements involve a number of risks and
uncertainties. Such forward-looking statements include, but are not limited to, statements about the benefits of the split-
off, including future financial and operating results, and each company’s plans, objectives, expectations and intentions,
including the effect of adding new directors to replace Pfizer executives who have resigned, the addition of Zoetis as an S&P
500 company, and other statements that are not historical facts. A list of the factors that could cause actual results to
differ materially from those expressed in, or underlying, those forward-looking statements is detailed in the filings of Pfizer
and Zoetis with the SEC, such as annual and quarterly reports and the registration statement, the prospectus part thereof
and related exchange offer documents. Pfizer and Zoetis disclaim any obligation to update and revise statements contained
in these materials based on new information or otherwise.
Exchange Offer: Additional Information and Where to Find It
Zoetis has filed a registration statement on Form S-4 (File No. 333-188750) that includes a prospectus, dated May 22, 2013,
as amended (the “Prospectus”), with the Securities and Exchange Commission (SEC). The Prospectus, which is included in the
registration statement, contains important information about Pfizer, Zoetis, the exchange offer and related matters. Pfizer
has delivered the Prospectus to its shareholders. Investors and security holders are urged to read carefully and in its entirety
the prospectus and any other relevant documents filed with the SEC by Pfizer and Zoetis when they become available and
before making any investment decision. None of Pfizer, Zoetis, or any of their respective directors or officers or any dealer
manager appointed with respect to the exchange offer makes any recommendation as to whether investors should
participate in the exchange offer. This announcement is for informational purposes only and is not an offer to sell, a
solicitation of an offer to buy any securities or a recommendation as to whether investors should participate in the exchange
offer. The offer will be made solely by the Prospectus.
Internet Posting of Information
We routinely post information that may be important to investors in the 'Investors' section of our web site at
www.zoetis.com, on our Facebook page at http://www.facebook.com/zoetis and on Twitter @zoetis. We encourage
investors and potential investors to consult our web site regularly and to follow us on Facebook and Twitter for important
information about us.
Bill Price, 1-973-443-2742
Elinore White, 1-973-443-2835
Dina Fede, 1-973-443-2969
John O’Connor, 1-973-822-7088
Source URL: http://news.zoetis.com/press-release/corporate/zoetis-becomes-fully-independent-acceptance-pfizer-shares-