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Report: Elanco, Bayer's animal health unit nearing deal announcement

Elanco Animal Health Inc. and Bayer AG's animal health unit are on track to close a potential deal, to be announced around the time of Elanco's second-quarter earnings release Aug. 13, Bloomberg News reported Aug. 7.

Greenfield, Ind.-based Elanco, the potential acquirer of Bayer's business, was trading down about 4.2% to $31.47 as of market close Aug. 7, while Bayer's shares were up approximately 6.02% to €58.84 at market close.

Elanco intends to buy Bayer Animal Health using stock, among other payment methods, Bloomberg noted, citing people with knowledge of the matter. Bayer Animal Health could be worth as much as €8 billion (about $9 billion) in its sale.

Bayer would receive a minority stake in Elanco if the acquisition proceeds. The companies are discussing which businesses may need to be sold to gain antitrust clearance, according to Bloomberg's sources.

If the deal does not succeed, Bayer may proceed with a broader auction process by early September, Bloomberg reported.

Elanco was rumored to be in the market to buy Bayer's animal health business in early July.

German pharma company Bayer said in November 2018 that it was shedding its animal health and consumer brands to rechannel its focus following its acquisition of seeds giant Monsanto Co.