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    • Bayer sells Animal...

    Bayer sells Animal Health unit to US drug firm Elanco for USD 7.6 billion

    Medical Dialogues BureauWritten by Medical Dialogues Bureau Published On 2019-08-21T09:00:03+05:30  |  Updated On 13 Aug 2021 3:12 PM IST

    Bayer said in a statement that the sale, aimed at sharpening the company's focus on life sciences, was expected to be concluded in mid-2020 pending anti-trust clearance.


    Frankfurt: German chemical and pharmaceutical group Bayer said Tuesday it was selling its Animal Health business unit to US-based drug firm Elanco for $7.6 billion to create an industry giant.


    Bayer said in a statement that the sale, aimed at sharpening the company's focus on life sciences, was expected to be concluded in mid-2020 pending anti-trust clearance.


    Bayer's Animal Health business is a global leader in the segment with sales of $1.8 billion last year. The deal will create the number two in the sector.


    The transaction will consist of $5.3 billion in cash and $2.3 billion in Elanco stock, Bayer said.


    It pledged that under the sale, "all Bayer Animal Health employees will have at least one year of employment protection against unilateral termination with similar and no less favourable benefits in the aggregate".


    As it struggles with ebbing revenues and profits, Bayer is selling off several divisions including chunks of its over-the-counter medicines division, known as Consumer Health.


    Read Also: Bayer mediator dismisses report of USD 8 billion Roundup settlement


    The unit includes household-name brands like painkiller Aspirin and indigestion treatment Alka-Seltzer.


    Earlier this month Bayer and its former subsidiary Lanxess announced the sale of their chemicals firm Current to Macquarie Infrastructure and Real Assets in Australia for 3.5 billion euros ($3.9 billion).


    After taking over US seeds and pesticides giant Monsanto for $63 billion last year, the Leverkusen-based group is reorganizing itself around its core businesses and biggest earners in agrichemicals and prescription pharmaceuticals.


    Meanwhile, it is busy battling thousands of US lawsuits over flagship Monsanto herbicides containing chemical glyphosate, which plaintiffs argue caused them to develop cancer after years of use.


    Bayer shares had gained around 0.26 per cent at 66.47 euros around 12:00 pm (1000 GMT) in Frankfurt, in line with the DAX index of blue-chip German stocks.


    Read Also: Bayer buys BlueRock in USD 600 million bet on stem cell therapies

    animal healthBayerbayer animal unitbayer saleconsumer healthElanco stockGerman chemicalpainkillerpharmapharma companypharma newspharmaceutical groupus drug firm
    Source : AFP

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    Medical Dialogues Bureau
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      Medical Dialogues Bureau consists of a team of passionate medical/scientific writers, led by doctors and healthcare researchers.  Our team efforts to bring you updated and timely news about the important happenings of the medical and healthcare sector. Our editorial team can be reached at editorial@medicaldialogues.in. Check out more about our bureau/team here

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