Elanco, an animal health care company, agreed to acquire Kindred Biosciences, a clinical-stage biopharmaceutical company focused on saving and improving the lives of pets, for $440m. Elanco will acquire all outstanding stock at $9.25 per share representing a premium of 52%. "This highly complementary combination is focused in one of the most exciting spaces in pet health, and one where we see a strategic imperative to build a differentiated competitive offering. It further accelerates our mix shift into pet health and advances our IPP strategy. Ultimately, we believe the combination positions Elanco to bring innovative solutions to veterinarians and pet owners in areas of unmet or under-served medical needs, fueling continued growth in the exciting pet therapeutic category and creating sustainable long-term value for shareholders," Jeff Simmons, Elanco President and CEO.