“This transaction enhances our focus as a global leader in life sciences,” said Werner Baumann, chairman of the Board of Management of Bayer AG.
The exit of the Animal Health business marks the largest transaction in the series of portfolio measures initiated by Bayer in November 2018.
“I have tremendous respect for the Bayer Animal Health team and their shared passion for improving the health and wellbeing of animals,” said Jeffrey Simmons, president and chief executive officer of Elanco.
“Combining Elanco’s strong relationship with veterinarians and Bayer’s leadership in retail and e-commerce will ultimately benefit all our customers.
“We look forward to joining our complementary portfolios and capabilities to build a fully focused animal health company, providing a sustained flow of innovation for farmers, veterinarians and pet owners.”