Zoetis ZTS, an animal heath company formed through a spun-off from the largest U.S. drugmaker Pfizer, is taking-in as one of its board members a representative from the hedge funds management comapny Pershing Square Capital Management. The Pershing Square representative, William Doyle, had been with the fund for quite some time now. He had joined Pershing Square’s investment team in the last year after he helped Pershing Square a top bet on the takeover of drugmaker Allergan.
With Doyle’s appointment, Zoetis will expand its number of board-members to 10 directors. Juan Ramón Alaix, Zoetis’s chief executive officer, stated that Zoetis welcomes Doyle to the company.
Alaix added that Doyle brings along significant expertise and highly relevant operational and industry experience to the company and that he is confident that Doyle will give valuable insights and perspective to Zoetis, something that will help Zoetis in enhancing its position as the world leader in animal health.
Doyle became a critical part of Pershing Square in 2014, a year that saw net returns of as much as 40% to the fund, after introducing it to Valeant Pharmaceuticals. Pershing had accumulated Allergan, the company that is highly popular for its botox, starting at a price of US$125 per share in the early 2014. Pershing Square then announced a rather controversial plan to co-ordinate with Valeant in taking over Allergan.
However, Valeant’s deal fell when Actavis presented a deal a higher price of US$219 per share for taking over Allergan, a deal that Valeant’s Person did not want to match but Pershing Square’s Ackman supported. Around the same time, Pershing Square had disclosed that it had a nearly 8.5% stake in Zoetis and that the fund was planning to work with Sachem Head Capital on a plan for change at Zoetis.