Bayer sell animal health biz Elanco $7.6 billion

Bayer to sell animal health biz to Elanco for $7.6 billion

9:42 AM, 20th August 2019
Bayer logo

LEVERKUSEN, GERMANY: Bayer AG has entered into a definitive agreement to sell its animal health business to Elanco Animal Health. The transaction is valued at $7.6 billion. The divestment is expected to be concluded in mid-2020. Bayer intends to exit its stake in Elanco over time.

The combination is highly complementary and creates the number two animal health company, with top three positions across a broad range of species and geographies. It also enhances Elanco’s portfolio of leading global brands and bolsters its innovation capabilities and R&D pipeline.

Bayer’s Animal Health business develops and markets innovative products and solutions to prevent and treat diseases in companion and farm animals. The Advantage family of flea, tick and worm control products, for instance, has been among the most successful products on the market for years. In addition, the innovative Seresto collar is one of the fastest-growing products in this area.

“This transaction enhances our focus as a global leader in life sciences. The exit of the Animal Health business marks the largest transaction in the series of portfolio measures initiated by Bayer in November 2018. We would like to thank all our Animal Health employees for the commitment they have shown over the years and for the success this has brought to Bayer and to our Animal Health business,” said Werner Baumann, Chairman of the Board of Management of Bayer AG.

“I have tremendous respect for the Bayer Animal Health team and their shared passion for improving the health and well-being of animals. Combining Elanco’s strong relationship with veterinarians and Bayer’s leadership in retail and e-commerce will ultimately benefit all our customers. We look forward to joining our complementary portfolios and capabilities to build a fully focused animal health company, providing a sustained flow of innovation for farmers, veterinarians and pet owners,” added Jeffrey N. Simmons, president and chief executive officer of Elanco.

Bank of America Merrill Lynch and Credit Suisse acted as financial advisors to Bayer, while Sullivan & Cromwell, PwC Legal and Linklaters acted as legal advisors.

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