Elanco Animal Health becomes stand-alone companyMarch 11, 2019Elanco Animal Health says it is now a fully independent company after completing its split from Eli Lilly. In 2017, Lilly announced the exploration of potential strategic alternatives for Elanco. "This is a historic day for everyone at Elanco," says company president and chief executive officer, Jeff Simmons. "It reflects our team's hard work over the past two years, and the confidence we have the right strategy and are successfully progressing the execution against it." The share exchange was finalized a little less than six months after 19.8 percent of Elanco's shares were sold to the public. Since then, Elanco reported two quarters of financial and operating results as a standalone company. "With this milestone behind us, we look forward to a singular focus delivering innovative solutions and services for our customers—the farmers, veterinarians, and pet owners that are central to our success," Simmons says. "We welcome our new Elanco shareholders who join us and offer our appreciation to our customers, and Lilly for the decades of support."
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Eli Lilly to spin off Elanco Animal Health unitJuly 25, 2018Eli Lilly and Co. is taking public a minority stake of its Elanco Animal Heath unit, the company said Tuesday. The Indianapolis-based pharmaceutical company announced in October of last year that it was reviewing its animal health business, including spinning it off. The move will allow the company to provide an "even greater focus on the human pharmaceutical business to pursue [its] purpose of creating life-changing medicines for patients," said David Ricks, Lilly's chairman and CEO. Lilly said it expects to offer a less than 20 percent stake in the new company in an initial public offering. Following the IPO, the company said it plans to divest its remaining ownership through a tax-efficient transaction. The company expects to complete the IPO process during the second half of 2018. "Based on our strategic review, we concluded that after-tax value for Lilly shareholders would be maximized by pursuing an initial public offering of Elanco," said Ricks. "We believe this will allow Elanco to efficiently deploy its resources to those growth opportunities that best serve its customers." Founded in 1954, Elanco's portfolio supports the beef, dairy, poultry, swine, and aquaculture industries, as well as companion animals. …
