A PYMNTS Company

US/Germany: Bayer sells Animal Health unit for $7.6B

 |  August 20, 2019

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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.