Bayer to sell Animal Health unit to Elanco for $7.6 billion
German life scienes group Bayer (BAYN: DE) has offloaded its Animal Health business.
The unit is to be bought by US animal health company Elanco (NYSE: ELAN) in a deal worth $7.6 billion, with $5.3 billion of this in cash and the rest in shares of the Indiana-based firm.
The divestment is expected to be concluded in mid-2020 subject to the satisfaction of customary closing conditions, including antitrust clearance. Bayer intends to exit its stake in Elanco over time.
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