Bayer: sells 1.6 billion dollar stake in Elanco

(CercleFinance.com) - Bayer said that it is selling a 1.
6 billion dollar chunk of animal-health company Elanco, advancing the company's refocus after it exited the business last year.

Bayer today announced the placement of 54.5 million shares of Elanco Animal Health Incorporated at a price of 30.25 dollars per share, as part of a registered public offering.

When Bayer sold its animal health business unit to US firm Elanco in 2019, it received 72.9 million Elanco shares, or about 15.5% of the company, saying that it would divest the stake "in due course."

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