Ackman’s Pershing Square Takes Stake in Drugmaker Zoetis

Bill Ackman’s Pershing Square Capital Management LP acquired an 8.5 percent activist stake in animal drug maker Zoetis Inc., sending its shares to a record high yesterday.

Ackman informed Zoetis of the stake in a phone call, the company said in a statement, without providing further details. Another fund, Sachem Head Capital Management LP, raised its stake to about 1.6 percent in partnership with Pershing Square to increase shareholder returns at the company, according to a Pershing Square statement yesterday. Activists often agitate for steps such as a sale, restructuring or increased dividends and share buybacks.