Bulletin
Investor Alert

Dec. 1, 2020, 2:19 a.m. EST

Bayer to raise $1.65B through Elanco share sale

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Olivia Bugault

Bayer AG said Tuesday that it will raise roughly $1.65 billion through the placement of Elanco Animal Health Inc. shares.

The German chemical and pharmaceutical conglomerate said that it will place 54.5 million Elanco shares at a price of $30.25 each.

"Bayer has granted the underwriters a 30-day option to purchase up to an additional 8.175 million Elanco shares on the same terms and conditions," the company said.

In August, Bayer completed the sale of its animal health business unit to U.S.-based company Elanco and received 72.9 million Elanco shares corresponding to roughly 15.5% of the company's outstanding shares.

"As previously announced, Bayer intends to divest the remaining stake in Elanco in due course," Bayer said.

Write to Olivia Bugault at olivia.bugault@wsj.com

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.