Merck Animal Health, a provider of animal health services, agreed to acquire the aqua business of Elanco, an American pharmaceutical company which produces medicines and vaccinations for pets and livestock, for $1.3bn. "A strategic decision resulting from a disciplined process over the last year, the sale of the aqua business allows us to prioritize our investments in larger markets with greater earnings potential over the medium and long term, while creating balance sheet flexibility," Jeff Simmons, Elanco Animal Health President and CEO.