Eli Lilly and Co.'s Elanco Animal Health Inc. unit is looking to raise $2 billion in a debt offering.

Elanco, which recently filed for an IPO, is offering $500 million worth of 3.912% senior notes due Aug. 27, 2021; $750 million worth of 4.272% senior notes due Aug. 28, 2023; and $750 million worth of 4.90% senior notes due Aug. 28, 2028.

The transaction is expected to close Aug. 28, subject to customary closing conditions.

Earlier this year, Lilly said it was spinning off its animal health unit via an IPO following a strategic review of the business that started in late 2017.

The Indianapolis-based maker of diabetes medicines said it will focus on its pharmaceutical business instead.