Bayer sells $1.6 billion worth of Elanco shares

Tuesday, 01. December 2020 09:14

Bayer AG announced on Tuesday that it sold 54.5 million shares of Elanco Animal Health Inc. at a price of $30.25 per share for a gross total of $1.6 billion. The company also said it granted the underwriters a 30-day option to purchase up to an additional 8.175 million Elanco shares on the same terms and conditions.

The pharma giant added that Elanco is not selling any shares and will not receive any proceeds from the transaction. Bayer confirmed its earlier commitment to divest the remaining stake in the United States company "in due course" after it bought Bayer's animal health business for $7.6 billion last year.

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