Source: Elanco news release
Elanco Animal Health Incorporated (NYSE: ELAN) today announced that it is now a fully independent company. The completion of Eli Lilly and Company’s exchange offer completes the journey Elanco began in 2017 when its former parent company first announced the exploration of potential strategic alternatives for the 64-year-old animal health company. The exchange offer was 7.6x oversubscribed.
“This is a historic day for everyone at Elanco,” said Jeff Simmons, Elanco president and chief executive officer. “It reflects our team’s hard work over the past two years, the confidence that we have the right strategy and are successfully progressing the execution against it.
“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. We welcome our new Elanco shareholders who join us and offer our appreciation to our customers, and Lilly for the decades of support.”
The share exchange was completed less than six months after Elanco’s IPO, when 19.8 percent of its shares were sold to the public. Since that time, Elanco has reported two quarters of financial and operating results as a standalone company and continues to demonstrate the strength of its strategy, with full year 2018 revenue increasing 6 percent to $3.1 billion.