Bayer to Sell Animal Health Unit for $7.6 Billion to Elanco
August 20 2019 - 6:13AM
Dow Jones News
By Nathan Allen
Bayer AG (BAYN.XE) said Tuesday that it has agreed to sell its
animal-health unit to Elanco Animal Health Inc. (ELAN) in a
cash-and-stock deal valued at $7.6 billion.
Elanco will pay $5.3 billion in cash and Bayer will receive $2.3
billion in Elanco stock. The company said it plans to eventually
sell off the Elanco shares over time.
The German chemical-and-pharmaceutical company said the deal,
which is subject to antitrust clearance, should close in
mid-2020.
In the last fiscal year the unit generated sales of $1.8
billion, Bayer said.
The deal will create the second largest animal health-care
company in the world, Bayer said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
August 20, 2019 05:58 ET (09:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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