Pfizer announced in early June that it plans to spin off its animal health business as a stand-alone company, Zoetis.
Ian Read, Pfizer chairman and chief executive officer, said the target date for creation of the new company is July 2013.
Pfizer Animal Health has more than 9,000 employees and markets its products in more than 120 countries. Revenues in 2011 were approximately $4.2 billion.
The name Zoetis derives from the word “zoetic,” meaning “pertaining to life.”
“The name best captures the company’s focus on partnership with veterinarians, livestock producers, and companion animal owners by providing innovative products and solutions that advance animal health and human well-being,” said Juan Ramón Alaix, president of Pfizer Animal Health.