Eli Lilly to Buy Boehringer Ingelheim Pet Vaccines Portfolio
October 05 2016 - 8:20AM
Dow Jones News
Eli Lilly & Co. is buying Boehringer Ingelheim Vetmedica
Inc.'s U.S. pet vaccines portfolio for $885 million as it continues
to grow its animal unit.
Lilly's animal-health subsidiary, Elanco U.S., is buying the
portfolio of cat, dog and rabies vaccines, which includes drugs to
prevent Lyme disease and Canine Infectious Respiratory Disease.
"We understand the unique bond that owners share with pets and
are committed to helping those pets live longer, healthier lives,"
said Elanco Animal Health President Jeff Simmons.
The deal also includes a Fort Dodge, Iowa, manufacturing and
research site, with an on-site veterinary research center, and
several potential drugs in the research pipeline.
Lilly has expanded its animal medicine division in recent years,
buying Novartis AG's animal-health business for $5.4 billion in
early 2015. The animal health unit brought in $3.18 billion in
revenue for Lilly in 2015.
The move is required for an asset swap with French
pharmaceutical company Sanofi to move forward. Sanofi is exchanging
its animal health business Merial for Boehringer Ingelheim's
consumer health-care unit and cash.
The deal is expected to close by early 2017 and subject to
approval by the Federal Trade Commission, antitrust regulators and
the closing of the Sanofi asset swap.
Lilly expects the deal to add to adjusted earnings in 2018 and
to as-reported earnings in 2019.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
October 05, 2016 08:05 ET (12:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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