Biotech Values

[DewDiligence]

ZTS/PFE swap update: The spread between the ZTS (31.18) and PFE (29.08) share prices has narrowed to the point that the exchange ratio—if calculated based on today’s closing numbers—would be constrained by the contractual upper bound of approximately 1.0.

Thus, if there is any further narrowing of the spread between the ZTS and PFE share prices, participants in the swap will not receive the full 7% discount on their ZTS shares.

The actual exchange ratio, which depends on the volume-weighted prices during the period from Jun 17-19, will be known after the market close on Jun 19.