Bayer to sell animal health business for $7.6B

22 Août, 2019, 23:57 | Auteur: Yves Courtet
  • Bayer to sell animal health business for $7.6B

Judgments against the company were running at a tally of around $2.4 billion when reports of the sale first emerged last month.

The divestment will make Elanco the second-largest company in the animal health sector - behind Zoetis and ahead of Merck & Co/MSD and Boehringer Ingelheim - and will boost its operating cash flow by around $1 billion within three years, with $275 to $300 million in potential cost savings. In a statement, Bayer said its intention is to exit its Elanco stake "over time".

Bayer has recently sold its 60% stake in a chemical park operator as well as consumer health brands Dr. Scholl's and Coppertone, with combined proceeds of close to 2.4 billion euros ($2.7 billion).

"We don't expect immediate impact from this transaction given closing isn't anticipated until mid-2020", said Elanco spokesperson Colleen Parr Decker.

"I have tremendous respect for the Bayer Animal Health team and their shared passion for improving the health and well-being of animals", said Jeffrey N. Simmons, president, and chief executive officer of Elanco.

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Bayer's animal health unit made around $1.8 billion in sales a year ago, and is one of the top brands in the flea, tick and worm control product category.

"Combining Elanco's strong relationship with veterinarians and Bayer's leadership in retail and e-commerce will ultimately benefit all our customers", Simmons said also in the note. The business markets Advantage, the family of flea, tick and worm control products. In addition, the innovative Seresto™ collar is one of the fastest-growing products in this area.

"As a department, we work with organizations like AgriNovus and our private corporations to make sure that we're bringing the workforce and developing the jobs and skill sets that they want to have to be able to continue to grow", says Kettler.

Bank of America Merrill Lynch and Credit Suisse acted as financial advisors to Bayer, while Sullivan & Cromwell, PwC Legal, and Linklaters acted as legal advisors. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The company employs more than 5,800 employees. The merger will mean the expanded Elanco business will be roughly equally split between production animals and companion animals.

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