Actavis chairman joins Zoetis board under deal with activist investor Ackman

Pfizer ($PFE) spinoff Zoetis ($ZTS), the animal health company, added a second director to its board under a deal it reached earlier this year with activist investor Bill Ackman and his firm Pershing Square Capital Management. The new board member is Actavis ($ACT) Chairman Paul Bisaro, who helped engineer a takeover of Allergan--a deal that delivered billions of payoffs for Ackman, one of the company's top shareholders. Ackman had teamed up with Valeant Pharmaceuticals ($VRX) in a hostile bid for Allergan before Actavis swooped in with a higher offer. Report