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Elanco agrees to buy Bayer’s animal health business
Elanco has agreed to buy Bayer’s animal health business for 7.6 billion dollars.
The deal would make Elanco the second-largest global animal-health business after Zoetis in terms of revenue and increase its reach among farmers and pet owners. It comes as Bayer has sought to reduce costs and offload some of its business units in a bid to regain investor confidence following the acquisition of Monsanto last year.
The deal is expected to close in the middle of next year.
Indiana State Department of Agriculture Director Bruce Kettler issued the following statement on the announcement.
“This is an exciting new development for Elanco Animal Health, which is a major economic driver in Indiana. For decades, Elanco has been pioneering advances to improve the health and well-being of animals and is now on its way to becoming the second-largest animal health company in the world. Entering into this agreement bolsters the important, global role they play in agriculture.”
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