Elanco Animal Health has entered an agreement with Bayer AG to acquire its animal health business.
The $7.6 billion acquisition was announced on Aug. 20 and will create the second largest animal health leader, according to an official statement.
“Our animal health business is among the pioneers of this sector, having built up an attractive portfolio and secured well-established market positions in the companion and farm animal segments,” said Bayer AG Chief Executive Officer Werner Baumann.
“And now, the combination with Elanco will give rise to a leading competitor in the animal health industry, benefiting customers, employees and shareholders alike.”
The transaction will double Elanco’s companion animal business and balance the company’s food animal and companion animal segments, the statement read.
