Pfizer announced this week that it is exploring strategic alternatives for its Animal Health and Nutrition businesses based on its recent business portfolio review to determine the optimal mix of businesses for maximizing shareholder value.

The company is considering options that may include, among others, a full or partial separation of each of these businesses from Pfizer through a spin-off, sale, or other transaction.  Given the separate and distinct nature of Animal Health and Nutrition, the company said it may pursue a different strategic alternative for each business.

“Both Animal Health and Nutrition are strong businesses with attractive customer bases and solid fundamentals but distinct enough from our core businesses that their value may be best maximized outside the company,” said Ian Read, president and chief executive officer, Pfizer.  “In exploring these alternatives, we can determine what options will best drive their future growth opportunities and expansion, and enable shareholders to potentially realize higher value of these businesses.”