Eli Lilly and Co. announces it is reviewing strategic alternatives for its Elanco Animal Health business, including an initial public offering, merger, sale, or Lilly’s retention of the Elanco business.

“Elanco has developed into a premier animal health company and has been an important growth driver and source of revenue diversification for Lilly. Through acquisitions and organic growth, we’ve grown Elanco to a size and scale that now allows us to consider a variety of options to maximize future value,” says Lilly’s CEO and chairman Dave Ricks.

Recent acquisitions, including Novartis Animal Health and BI Vetmedica’s U.S. vaccines portfolio, have expanded Elanco’s product offerings across both companion and food animal segments and knowledge services.

“Elanco has a proven track record since its creation in 1954. Over the past decade, a balanced strategy of innovation, geographic expansion and very intentional acquisitions has made us a much stronger company, with an attractive product portfolio and a more diverse, higher-quality business. We believe that the outcome of a strategic review may result in more value and further enable Elanco’s top-tier leadership in animal health,” states Elanco president Jeff Simmons.

During this review period, the company remains committed to our customers and providing the products, service and value they have come to expect from Elanco.

Elanco, headquartered in Greenfield, Ind., now operates in more than 70 countries through 6,500 employees worldwide.

Source: Eli Lilly and Co.