Biotech Values

[DewDiligence]

The S-4 for the PFE-ZTS swap has been filed:

http://www.sec.gov/Archives/edgar/data/1555280/000119312513230781/d533019ds4.htm

There is no record date per se; rather, PFE shares can be tendered at any time until the end of the exchange offer period, which is expected to be the close of business on 6/19/13.

As stated in the today’s PR, the exchange ratio will be determined by the volume-weighted average prices of the two stocks during the 3-day period comprising June 17, 18, and 19, after applying a 7% discount to the VWAP of ZTS. Also, the upper bound on the exchange ratio is 0.9898—i.e., that is the maximum number of shares of ZTS than one share of PFE will convert into.