Elanco Animal Health has been granted US antitrust approval to buy Bayer’s animal health business on condition that it sells assets to treat three ailments, two in dogs and one in cattle.
The approval by the Federal Trade Commission (FTC) was the final antitrust approval required, and the proposed $7.6 billion deal, announced last year, is on track to close beginning of August, Elanco says.
To gain FTC approval, the companies agreed to sell assets relating to oral treatments to kill fleas on dogs, an inflammation of dogs’ inner ears and some pour-on cattle insecticides which control multiple insects. “This approval marks the near-final step in fulfilling our vision of bringing together two dedicated animal health companies,” Elanco CEO Jeff Simmons said. The EU approved the deal in June, subject to conditions.
The transaction is expected to create the world’s second largest animal health company, trailing Zoetis, in an animal health market worth $44 billion/year and growing at 5%-6%/year. Elanco has agreed to divest its canine ear medicine Osurnia to Dechra Pharmaceuticals, its dog flea medicine Capstar to PetIQ Inc. and its cattle pour-on insecticide treatment StandGuard to Neogen Corp.
The complementary transaction strengthens Elanco’s innovation, portfolio and productivity strategy by combining Elanco’s focus on the veterinarian with Bayer’s direct-to-consumer expertise. In addition, the transaction will advance Elanco’s portfolio transformation, creating a balance between the farm animal and pet health businesses, the company says.
By: Natasha Alperowicz
Source: Chemical Week
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.