Pfizer Considers $3Bn Partial IPO

Pfizer is said to raise about $3bn this year through a part-flotation of its animal health division.

Pharma giant Pfizer is considering a partial initial public offering of its animal health division as the company looks to raise around $3bn.

Pfizer has investigated the possibility of placing up to 19.9% of the company's shares, valuing the unit at approximately $18bn, according to the Financial Times.

The talks come months after Pfizer first revealed plans to drop both its animal health and infant nutrition unit in an attempt to streamline the company's business following criticism over poor returns.

Germany-based Bayer was reportedly interested in acquiring the business, but Pfizer is unlikely to consider a full sale due to the considerable tax hit that would be incurred.<