Sector News

Lilly Finalizes Novartis Animal Health Acquisition

January 2, 2015
Life sciences
/PRNewswire/ – Eli Lilly and Company today announced that it has completed the acquisition of Novartis Animal Health, which will further position Lilly’s Elanco as a global leader in the animal health industry. The transaction, first announced on April 22, has received clearance under the Hart-Scott-Rodino Antitrust Improvements Act. As part of the approval, certain animal health assets in the U.S. relating to the Sentinel® canine parasiticide franchise will be divested to Virbac, as has been previously announced. All other closing conditions have also been met.
 
The combined organization will increase Elanco’s product portfolio, expand its global commercial presence and deliver more innovation to customers. The acquisition also augments Elanco’s manufacturing and R&D capabilities with a total of 17 manufacturing sites and 14 R&D locations in the newly combined organization.  Further, Elanco will have a more balanced and diversified business with revenues more evenly split between food animal and companion animal, as well as stronger geographic representation.
 
“As a top-tier animal health company, we are better positioned to help our customers respond to the changing external environment and meet increasing demands for animal protein, as well as growing desires for pet ownership,” said Jeff Simmons, senior vice president of Eli Lilly and Company and president of Elanco Animal Health.  “Our combination will deliver a more comprehensive suite of existing solutions, but will also allow us to dedicate greater resources to new product discovery and development.”
 
Under the terms of the agreement, Lilly acquired the Novartis Animal Health business in an all-cash transaction of approximately $5.4 billion, including anticipated tax benefits. Lilly funded this acquisition with approximately $3.4 billion of cash-on-hand and $2.0 billion in debt. The impact of the acquisition, which closed on January 1, 2015, will be reflected in Lilly’s first quarter 2015 financial statements.
 
Source: Eli Lilly and Company

comments closed

Related News

September 25, 2022

Rise of the machines: Novo Nordisk pledges $200M to create first quantum computer for life sciences

Life sciences

Big Pharma has long seen the potential for AI and machine learning to accelerate drug development. But Novo Nordisk is going a step further by channeling $200 million toward the creation of a computer that will outrun anything in existence.

September 25, 2022

Mount Sinai AI uncovers new brain analysis method to predict dementia, Alzheimer’s disease

Life sciences

Current methods for diagnosing Alzheimer’s disease rely on a complex combination of self- and caregiver-reported symptoms, a physical examination and either a PET scan or a spinal tap to look for evidence of amyloid plaque build-ups in the brain. But a new artificial intelligence-based method may make the diagnostic process a much more objective one.

September 25, 2022

New AstraZeneca-backed report finds big money behind diverse owners and entrepreneurs in Europe

Life sciences

There is lots of talk about diversity and inclusion in business, including in pharma and medtech. A new report by the Open Political Economy Network (OPEN), a think tank focusing on migration and diversity, released its “Minority Businesses Matter: Europe” report highlighting the successes and challenges of ethnic minority-owned businesses in Europe.