Zoetis Inc. has announced a proposed private offering of $1.75 billion aggregate principal amount of convertible senior notes due 2029. The company also plans to grant the initial purchasers an option to buy up to an additional $250 million of notes within a 13-day period from the initial issuance date. Zoetis expects to use the net proceeds primarily to fund capped call transactions and to repurchase its common stock, with remaining funds allocated for additional share repurchases anticipated to be completed by the first quarter of 2026. The notes will be offered exclusively to qualified institutional buyers under Rule 144A of the Securities Act.