Elanco Animal Health Raises $1.3 Billion to Fund Bayer Deal
January 23 2020 - 6:52AM
Dow Jones News
By Colin Kellaher
Elanco Animal Health Inc. (ELAN) Thursday said it raised more
than $1.3 billion through public equity offerings to help fund its
pending $7.6 billion acquisition of Bayer AG's (BAYN.XE)
animal-health unit.
The Greenfield, Ind., animal-health company said it priced an
upsized offering of about 22.7 million common shares at $32 apiece
and an offering of 11 million 5% tangible equity units at $50
each.
Elanco, which had previously planned to sell about 19.2 million
common shares, said it expects to complete the offerings Jan.
27.
The company said it has applied to list the tangible equity
units on the New York Stock Exchange under the symbol ELAT.
Elanco last year agreed to pay about $5.3 billion in cash and
roughly $2.3 billion in stock for Bayer's animal-health unit.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 23, 2020 06:37 ET (11:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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