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Elanco to cut 250 positions as part of business restructuring plan

Elanco Animal Health Inc. will cut about 250 positions across multiple locations as part of a business restructuring plan.

The move is part of the Greenfield, Ind.-based company's initiative to focus exclusively on animal health.

Under the restructuring, Elanco will stop research and development operations in Prince Edward Island, Canada; cease certain operations in Wusi, China; and streamline operations in Speke, England.

Elanco estimates that it will incur costs of about $50 million, including $38 million restructuring charges in the third quarter and $12 million in 2020. Additionally, the company expects savings of at least $12 million in 2020 from the restructuring.

"These actions advance our productivity agenda and our margin expansion efforts, driving greater efficiency within our global footprint and allowing Elanco to focus investments in our growth areas," said Todd Young, executive vice president and CFO of Elanco.

Eli Lilly and Co. spun off its animal health unit Elanco through an IPO in 2018.