Greenfield-based Elanco Animal Health Inc. on Wednesday announced that the company has received unanimous approval from the U.S. Federal Trade Commission for its $7.6 billion acquisition of Bayer Animal Health, a division of German drug giant Bayer AG.
The FTC decision is the final antitrust clearance needed to complete the transaction.
Elanco, which spun off from Eli Lilly and Co. in 2018, said the acquisition is on track to close in early August. The deal would push Elanco from the world’s fourth-largest animal health company to the second-largest, behind New Jersey-based Zoetis.
Shares in Elanco rose 2.8% Wednesday morning after the approval was announced, to $24.13 each.
The company, which had 2019 sales of $3.1 billion, has more than 5,000 employees worldwide, including more than 800 in Greenfield.
Elanco previously announced divestitures in the range of $120 million to $140 million of revenue to help advance the regulatory reviews.
Elanco has received previous antitrust clearance for the transaction in Canada, Europe, China, Colombia, South Africa, Turkey, Ukraine, Vietnam, and provisional clearance in Brazil..
Elanco sells livestock and pet health products, including antibiotics and pest-control drugs.
“This approval marks the near-final step in fulfilling our vision of bringing together two dedicated animal health companies focused on delivering innovation and an expanded portfolio of solutions to farmers, veterinarians and pet owners around the globe,” said Jeff Simmons, president and CEO of Elanco, in written remarks. “As we approach closing and look toward putting our integration plans into action, I want to thank everyone who has worked so tirelessly on this transaction, especially during these challenging times.”