Elanco completed the acquisition of Animal Health Business of Bayer for $7.6bn.

Elanco Animal Health, a global animal health company that develops products and knowledge services to prevent and treat disease in food animals and pets, completed the acquisition of Animal Health Business of Bayer, a German multinational pharmaceutical and life sciences company, for $7.6bn. Bayer will receive $5.3bn in cash, subject to customary purchase price adjustments, and $2.3bn or approximately 68m Elanco Animal Health common shares. “In our first four quarters as an independent company, we have validated the significant value creation potential from a dedicated focus on animal health and a targeted strategy. Joining Elanco and Bayer Animal Health strengthens and accelerates our IPP strategy, transforms our portfolio with the addition of well-known pet brands, brings an increased presence in key emerging markets, expands innovation, and accelerates our margin expansion journey. The move combines our long-standing focus on the veterinarian while meeting pet owners’ changing expectation of pet care and access to products,” Jeffrey N. Simmons, Elanco President and CEO.