Elanco sale to be considered by parent company Lilly

Elanco Animal Health is to be the subject of a strategic review by parent company Lilly, which could potentially lead to the sale of the business.

In its latest financial report, Lilly has confirmed that it will be looking into strategic alternatives for Elanco, including an initial public offering, merger, sale or retention of the business, with an update to be provided no later than the middle of 2018.

During the third quarter of 2017, Elanco generated revenues of $740.6 million (564.74 million pounds), representing a five percent year-on-year increase. The business has experienced significant growth following the recent acquisition of Novartis Animal Health and various assets from Boehringer Ingelheim Vetmedica.

Lilly has credited Elanco with being an important growth driver and source of revenue diversification, with its current status as one of the leading animal health companies in the world prompting considerations of whether a different approach would be beneficial.

David Ricks, Lilly's chairman and chief executive officer, said: "Through acquisitions and organic growth, we've grown Elanco to a size and scale that now allows us to consider a variety of options to maximise future value."

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