Elanco Animal Health agreed to buy Bayer’s veterinary drugs unit on Tuesday, August 20, in a cash and stock deal valued at US$7.6 billion, creating the second largest maker of medicines for pets and livestock and expanding Elanco’s reach online.The deal is the latest in the fast-growing animal health market, which has recently seen Elanco floated by Eli Lilly and rival US drugmaker Pfizer also spinning off its veterinary medicine business.
It also adds to the list of assets sold by Bayer, as the German company looks to slash debt from its US$63 billion takeover of seed maker Monsanto last year and as it braces for a potential settlement of lawsuits over an alleged cancer-causing effect of weedkiller Roundup.
It pledged that under the sale, “all Bayer Animal Health employees will have at least one year of employment protection against unilateral termination with similar and no less favourable benefits in the aggregate”.
Full Content: Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Brands Apple’s iPadOS as Gatekeeper in Tech Crackdown
Apr 29, 2024 by
CPI
Brussels to Investigate Meta Platforms’ Handling of Disinformation on Facebook and Instagram
Apr 29, 2024 by
CPI
OpenAI Faces Privacy Complaint in Vienna Over ChatGPT’s Data Handling
Apr 29, 2024 by
CPI
EU Launches Investigation into Czech State Aid for Digital TV Operators
Apr 29, 2024 by
CPI
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI