The land formerly was owned by Eli Lilly and Co. and then was included in Elanco’s 2018 spin-off from the pharmaceutical company.
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The company is eliminating 250 jobs as part of a restructuring that’s expected to result in at least $12 million in savings in 2020.
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The purchase would swell Elanco from the world’s fourth-largest animal health player to the second-largest, behind only New Jersey-based Zoetis.
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The multibillion-dollar deal would swell the size of Elanco, which already is the fourth-largest global player in animal health.
Read MoreThe deal, which is expected to close by mid-2020, will swell Elanco from the world’s fourth-largest animal health player to the second-largest, behind only New Jersey-based Zoetis.
Investors appeared to be nervous over the rich price of the deal and the amount of debt that Elanco will take on to finance it.
The multibillion-dollar merger would combine Elanco, the fourth-largest global player in animal health, with Bayer’s pet-health division, which ranks fifth in veterinary medicine, Reuters reported. The combination would create a dominant force in the industry.
Kansas-based Aratana Therapeutics has three treatments approved by the U.S. Food and Drug Administration and is working on drugs for a range of disease fields, including cancer.
The Greenfield-based company, which staged its initial public offering in September, said the restructuring is intended “to streamline its international operations."
Shares in Elanco Animal Health Inc. slipped as much as 3.3 percent Monday morning after lead managers and other banks involved in its recent initial public offering started coverage on the animal health company.
Investors hope Greenfield-based Elanco—the No. 4 animal health company in the world—will be the next Zoetis, the former animal-health division of Pfizer, which has nearly tripled in value since going public in 2013.
The Eli Lilly and Co.-owned animal medicine maker’s shares rose to $36 each at closing Thursday, up from their $24 offering price.
Greenfield-based Elanco Animal Health Inc. raised more than expected in its initial public offering, pricing its shares above the marketed price range.
The Greenfield-based animal health unit is gearing up for independence after 65 years as part of drugmaker Eli Lilly and Co. But Elanco has been struggling, and top management will have to work hard to stabilize the operation.
Elanco Animal Health Inc. could see a market value of as much as $20 billion, according to Bloomberg Intelligence. At that valuation, a share sale could raise as much as $5 billion.
The Indianapolis-based pharmaceutical company said the division’s headquarters would remain in Greenfield after the spinoff and that no job cuts are planned.
The Indianapolis pharmaceutical giant is evaluating whether to keep the division, which makes animal-health products, or sell it or take it public. An analyst said it might fetch $16 billion.
Since October, when Eli Lilly and Co. announced it was reviewing whether to sell or spin off Elanco, Greenfield city leaders have been wondering what the future holds for the city’s economy.
