ZTS Zoetis Inc

   By Josh Beckerman 
 

Activist investor Pershing Square Capital Management LP said it is pleased with Zoetis Inc.'s progress and won't keep its representative on the Zoetis board.

Zoetis, spun off from Pfizer Inc. in 2013, makes vaccines and treatments for livestock and household pets.

Pershing Square, founded by William Ackman, said the company has made progress in its efforts to "simplify operations, improve cost structure, and better allocate resources."

Pershing Square owns 8.4% of Zoetis.

The firm, in partnership with hedge fund Sachem Head Capital Management LP, took a roughly $2 billion stake in Zoetis in 2014 with possible plans to push the company to sell itself to a large drug maker such as Valeant Pharmaceuticals International Inc.

Pershing Square investment team member William Doyle joined the Zoetis board in February 2015 under a standstill agreement. He will step down after his term ends in May.

In February, Zoetis reported stronger-than-expected results for its fourth quarter, but lowered its revenue guidance for the year as it faces foreign-exchange challenges.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

April 22, 2016 18:39 ET (22:39 GMT)

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