Lilly jumps on animal health IPO and quarterly figures
Eli Lilly (NYSE: LLY) gained 2% in market value in an hour’s trading on Tuesday following news that it plans an initial public offering (IPO) for its Elanco Animal Health unit, and the presentation of the US drugmaker’s latest financial results.
The company has completed its strategic reviewed of the unit and announced that it will file a registration statement in the coming weeks with the US Securities and Exchange Commission for a potential IPO of a minority ownership stake in Elanco as a separate company.
This offering is expected to represent an ownership stake of less than 20% and the IPO process should take place later in 2018.
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