zoetis

Pfizer Spins Off Zoetis, Biggest IPO Since Facebook, Shares Soar

Pfizer's animal health business Zoetis has raised about $2.2 billion in its initial public offering of 86.1 million shares, and the stock is expected to begin trading Friday. Merck & Co.'s fourth-quarter profit fell 7 percent as generic competition slashed sales of its blockbuster allergy drug Singulair.