Greenfield-based Elanco Health on Monday announced the $295 million cash sale of future U.S. royalty and milestone rights for the human use of a medication typically used for dogs and cats.
Greenfield-based Elanco said the facility has played a vital role in producing a number of product lines for the firm, representing $160 million to $180 million in annual farm animal revenue.
The park will expand into 15 acres between the White River and Elanco Animal Health’s new headquarters and will include an event pavilion to be developed inside the remnants of a former crane bay that had been part of the original stamping plant.
The product, called Credelio Quattro, is designed to protect against fleas, ticks, heartworms, roundworms, hookworms and three different species of tapeworms.
Pride Investment Partners, Hancock Health and energy cooperative NineStar Connect collaborated on the purchase of the 20.4-acre site through a joint venture called HealthStar Partners.
State and corporate leaders believe a tech park taking shape on the western edge of downtown could be a launchpad for health sciences innovation and commercialization as part of the state’s ambitious economic development portfolio.
The company had debt of $5.7 billion as of March 31 and has been under pressure from Wall Street to reduce it.
Elanco has called Bovaer a potential blockbuster, meaning it could ring up annual sales of at least $100 million.
Elanco also announced a commitment to purchase an additional 12 acres to the north of its planned headquarters for future expansion and the development of the Epicenter for Animal Health.
The Greenfield-based maker of animal vaccines, antibiotics and other health products said that as part of the agreement with Ancora Holding Inc., it will appoint two new independent directors supported by the investment firm to its board.
Ancora Holdings Inc. is pushing for a shakeup in leadership at he Greenfield-based animal health company, which it accuses of delivering poor margins, sluggish product commercialization, negative shareholder returns and poor governance policies.
Ancora Holdings Group LLC said the animal health company has underperformed its peers and destroyed billions of dollars of shareholder value.
In an hourlong conference call with analysts on Monday, CEO Jeff Simmons said the word “blockbuster” at least six times as he talked about the Greenfield-based company’s pipeline products that could launch this year.
The company said the restructuring is designed to shift resources from its farm animal operations to its pet health operations and help with the launch of three upcoming products now under regulatory review.
Elanco Animal Health said it has agreed to sell its aqua business to Merck Animal Health, a move that allows it to pay down some of its debt load and invest in new pipeline products.
The group hopes to improve civic education in a state that ranks among the bottom nationally when it comes to voter registration and turnout.
The company reported earnings per share of 45 cents, handily beating Wall Street’s estimate of 29 cents. Elanco shares soared by about 9% Tuesday in premarket trading, to $9.36.
The Indianapolis Department of Public Works says work on the bridge will halt if remains are found during construction, and it plans to have an archaeologist on site during construction who would flag signs of burial. But critics are seeking an archeological dig first.
Elanco Animal Health President and CEO Jeff Simmons said the treatment is a potential blockbuster drug, with potential annual sales of more than $100 million.
BiomEdit LLC was set up last year by Greenfield-based Elanco Animal Health and Boston-based Ginkgo Bioworks to make everything from food to therapeutics for animals. It’s already raised $36.5 million in venture capital for its work.
