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.
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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.
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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.
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A wave of adoptions during the COVID-19 pandemic has created greater demand for basics like food and toys, as well as sophisticated medical care that can prolong a pet’s life.
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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 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.
Moody’s action pushed Elanco’s credit rating further into “junk bond” territory, an area considered riskier than investment-grade debt.
Athian expects to begin beta testing for its first product this month. The company was launched last year by Greenfield-based Elanco and Indianapolis-based High Alpha Innovation.
Shares in the animal health care company have lost more than two-thirds of their value in the past 18 months, but Elanco says a bevy of new products in its pipeline will prove an era of strong growth is yet to come.
The Greenfield-based maker of animal medicines said fourth-quarter revenue fell due to “environmental and competitive pressure” and could continue to slip this year.
Elanco Animal Health CEO Jeff Simmons says Indianapolis faces “significant realities” it must tackle to become a destination for talent, companies and innovators.
Speaking during a luncheon hosted by the Economic Club of Indiana on Wednesday, Elanco CEO Jeff Simmons addressed downtown’s struggles with homelessness, infrastructure, talent attraction and retention, and real estate.
When the dollar is strong, a U.S.-based company that sells products overseas earns fewer dollars. On the flip side, the cost of imported goods and foreign expenses are lower.
The Greenfield-based company will lay out the design for its $100 million-plus global headquarters in Indianapolis on Thursday before a hearing examiner, who will rule on the project.
U.S. District Court Judge Sarah Evans Barker ruled the plaintiffs failed to clearly show that public statements made by Elanco’s top officials were false and misleading during a two-year period in question.
BiomEdit, one of Indiana’s newest life-science companies, said Monday it will locate its headquarters in Fishers, but hinted it could eventually move to the new $100 million Elanco Animal Health headquarters campus now under construction in Indianapolis.
Several analysts said Elanco faces a bright future, implying that the market might be overreacting to the lowered revenue and profit guidance.
CEO Jeff Simmons explains why the project is far more than simply an office building. He tells host Mason King that the goal is to create what the company calls “a post-COVID workplace destination” that attracts talent to the city and the company and gives workers more flexibility and engagement.
