INDIANAPOLIS (AP) - Eli Lilly is planning an initial public offering for part of an animal health business that brought in about 13 percent of all company revenue last year.
The drugmaker said Tuesday that the IPO will represent an ownership stake of less than 20 percent. Lilly said it will divest its remaining stake in Elanco Animal Health through a tax-efficient deal, but offered no other details.
Eli Lilly and Co., based in Indianapolis, once saw animal health as a pivotal asset in equalizing the loss of patents on some top products. Last fall, however, it said it was exploring other options for the business.
Elanco brought in $3.08 billion in revenue last year. It makes antibiotics and feed additives for livestock and flea and heartworm treatments for pets.