Bayer sells to Elanco

The German chemicals and pharmaceutical company Bayer has sold its pet medicine division with the Bolfo and Bay-o-Pet brands to its US competitor Elanco for 7.6 bn dollars. According to a Bayer press release, Elanco is paying 5.3 bn dollars in cash with the rest in shares. This makes Bayer one of the biggest shareholders in the US company.
With this acquisition Elanco becomes the second-largest supplier worldwide in the pet health sector and enables it to strengthen its position in the anti-parasitic agents field, which was one of the main product areas of Bayer's pet medicine division.