Eli Lilly To Buy Boehringer's Vetmedica Pet Vaccines Unit
Zacks Investment Research | Oct 06, 2016 06:54AM ET
Eli Lilly and Company (NYSE:LLY) announced that its Elanco animal health business has agreed to acquire the U.S. pet vaccines unit – Vetmedica – and a Fort Dodge, IA-based manufacturing site from German drugmaker Boehringer Ingelheim for $885 million.
The acquisition of the Vetmedica portfolio of feline, canine and rabies vaccines, as well as several pipeline products, would be a strategic fit for Lilly’s animal health business that makes parasiticides, pain and dermatology medicines for food animals and companion animals.
The acquisition is expected to close early next year, subject to regulatory approvals as well as the closing of Boehringer Ingelheim's asset swap with Sanofi (NYSE:SNY) , which was signed in June this year.
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