Bayer to Raise $1.65 Billion Through Sale of Elanco Shares
December 01 2020 - 2:15AM
Dow Jones News
By Olivia Bugault
Bayer AG said Tuesday that it will raise roughly $1.65 billion
through the placement of Elanco Animal Health Inc. shares.
The German chemical and pharmaceutical conglomerate said that it
will place 54.5 million Elanco shares at a price of $30.25
each.
"Bayer has granted the underwriters a 30-day option to purchase
up to an additional 8.175 million Elanco shares on the same terms
and conditions," the company said.
In August, Bayer completed the sale of its animal health
business unit to U.S.-based company Elanco and received 72.9
million Elanco shares corresponding to roughly 15.5% of the
company's outstanding shares.
"As previously announced, Bayer intends to divest the remaining
stake in Elanco in due course," Bayer said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
December 01, 2020 02:00 ET (07:00 GMT)
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