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TheStreet Open House

Zoetis Becomes Fully Independent With Acceptance Of Pfizer Shares Tendered In Exchange Offer

Stocks in this article: PFEZTS

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 company.

“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.

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