Biotech Values

[DewDiligence]

ZTS—The post-IPO distribution to PFE shareholders (planned for Jul 2013) will be in the form of a voluntary exchange of ZTS shares for PFE shares rather than an outright distribution to PFE shareholders. (This is the way BMY handled the MNJ separation.) Thus, the concern I expressed in #msg-83961284 about knee-jerk selling of ZTS “stub” positions in July does not fully apply (although it still applies in part to the extent that shareholders participating in the exchange offer change do so for a quick flip).

I’ll have more to post later with respect to the Mark Schoenebaum webcast mentioned in #msg-84052007.