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.
By Austen Hufford
Source: Wall Street Journal
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