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Lilly completes separation of Elanco Animal Health

Eli Lilly and Co. completed its separation from Elanco Animal Health Inc. after completing an exchange offer to divest its 80.2% stake in the animal health business.

Indianapolis-based Eli Lilly spun off the animal health unit in 2018 through a $1.7 billion NYSE IPO. The drugmaker is separating from the business to focus on its human pharmaceutical business.

Lilly is divesting its ownership in Elanco in the exchange offer, with shareholders receiving 4.5121 Elanco common shares for each Eli Lilly common share they own.

The company plans to update GAAP and non-GAAP financial guidance at its first-quarter earnings announcement on April 30 to account for the separation.

Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley were the dealer managers for the exchange offer.

Elanco on Feb. 6 reported non-GAAP net income of $105.4 million for the fourth quarter of 2018, an increase of 148% from $42.5 million in the prior-year period.