Elanco Animal Health agreed to buy Bayer's veterinary drugs unit on Tuesday in a cash and stock deal valued at US$7.6 billion, creating the ...
REUTERS: Elanco Animal Health agreed to buy Bayer's veterinary drugs unit on Tuesday in a cash and stock deal valued at US$7.6 billion, creating the second largest animal health business and expanding Elanco's reach online.
Elanco said the stock amounted to 68 million shares, or a stake of about 18.2per cent based on Refinitiv data, but the number of shares could rise or fall by as much as 7.5per cent, depending on Elanco's share price performance on the closing date.The price tag implies a multiple of 18.8 times adjusted core earnings, Bayer said, adding it would sell the equity stake over time.
Market researchers expect the US$44 billion animal health sector to grow 5per cent-6per cent per year, driven by an increase in livestock farming and, more importantly, by more people wanting to own pets and spending more money on their wellbeing.
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