Term Sheet

M&A and IPOs

Pfizer Inc. (NYSE: PFE) said that it will split off its remaining 80% interest in its former animal health unit Zoetis Inc. (NYSE: ZTS), which completed a $2.2 billion IPO back in February. The split will be done via an exchange offer. www.zoetis.com

Adobe Systems (Nasdaq: ADBE) has acquired mobile app design agency Thumb Labs for an undisclosed amount. www.adobe.com

BTG PLC (LSE: BTG) has agreed to acquire the Targeted Therapies division of Nordion Inc. (TSX: NDN) for approximately US$200 million. www.btgplc.com Google (Nasdaq: GOOG) has acquired Makani Power, MORE

Private equity deals

Apax Partners has agreed to acquire specialty apparel retailer Rue21 (Nasdaq: RUE) for approximately $1.1 billion, or $42 per share (23% premium to yesterday's closing price). Apax previously owned Rue21 before taking it public in 2009, and still retains nearly a 30% equity position. Its two directors on the Rue21 board recused themselves from board discussions and votes related to the deal. www.rue21

Del Monte Foods has acquired Natural Balance Pet Foods for an undisclosed amount. Del Monte shareholders MORE

Venture capital deals

Interactions Corp., a Franklin, MA-based provider of conversational virtual assistant applications for customer service, has raised $40 million in new VC funding. SoftBank Capital led the round, and was joined by return backers Sigma Partners, Sigma Prime Ventures, RED LLC, Cross Atlantic Capital Partners, North Hill Ventures and Updata Partners. www.interactions.net

Skyhigh Networks, a Cupertino, Calif.-based provider of cloud visibility and control solutions, has raised $20 million in Series B funding. Sequoia Capital led the round, MORE

Pre-Marketing: Too big to jail?

* Brad Stone: Inside Google's secret lab

* Untested: Why does DoJ believe "too big to jail?"

* Irish finance minister: We will not be U.S. "whipping boy"

* Morning Call: Global shares stumble on Bernanke comments

* No ceremony: How Congress quietly undid its insider trading rules

* Duane Stanford: Herbalife's CEO fights back

* DoE joy: Tesla pays back loan early

* Be your own Tim Cook: How to dodge taxes like Apple

* An actual job: Helping hedge funders MORE

6-step guide to dodging taxes just like Apple

Tax avoidance works beautifully -- and legally -- for Apple and other multinationals. Why not make it work for you?

FORTUNE -- It's faddish -- and fun -- these days to talk about the income taxes that Apple does or doesn't pay. Hey, as we learned this week from a Senate report and hearings, Apple's tax strategems are even slicker than its products are. Many of them involve the "intellectual property" MORE

3 surprising reasons to cheer falling commodities

Prices of everything from gold to oil to corn are falling fast. Here's how you can benefit.

FORTUNE – Commodities are falling fast on worries that China's economy is slowing and that the economic recovery in parts of Europe and elsewhere has stalled. Copper has sunk to a three-year low, falling below $7,000 a ton in April. For the first time since last July, Brent crude oil fell below $100 a barrel MORE

New York City loses its private equity boss

Head of NYC private equity investments heads to private firm in which NYC pension invested.

FORTUNE -- Yesterday came news that Barry Miller had stepped down as head of private equity investments for the New York City Employee Retirement Systems (NYCERS), in order to open a New York City office for Connecticut-based private equity firm Landmark Partners.

My immediate reaction: Is this a conflict of interest, given that NYCERS had just committed $400 million MORE

How much did Tumblr's VCs really make?

Reports of VC returns on Tumblr have been greatly exaggerated.

FORTUNE -- Yesterday there were several news reports about how Union Square Ventures had generated a "5,000% return" on its early investment in Tumblr, based on data from research firm Privco. They also claimed that Spark Capital's Bijan Sabet made $77 million for himself, in addition to whatever carry he's entitled to as a partner in the Spark Capital fund that invested alongside USV.

In MORE

Pre-Marketing: Public company, public tax filing?

* Alex Mayyasi: Food truck economics

* Matt Wirz: Beware of the covenant bubble

* David Beisel: Debunking 7 conventional VC wisdom

* Felix Salmon: Public companies should have public tax filings

* David Kirkpatrick: Class warfare knives coming for tech plutocrats

* Morning Call: U.S. futures climb, Europe retreats and Japan jumps.

* Top chef: 3D printed food?

* Academia: Alternative marketing for alternative investments?

* How dare you? "Netflix adultery" affects half of all relationships

* Unprecedented: Town wipes its hands MORE

Goldman pushes hedge funds for your 401(k)

Wall Street is rolling out low-minimum mutual funds that will let you lose money like a high roller.

FORTUNE -- Usually Wall Street waits for a bubble before it pushes an investment on average Joes.

So it's certainly a change that the returns on the investment Wall Street is currently trying to sell to individual investors have stunk lately. Is that any better? Probably not.

Goldman Sachs (GS) recently announced it was launching MORE