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Elanco Completes $1.65 Billion Secondary Offering of Common Stock

Paul, Weiss advised Elanco Animal Health Incorporated, a premier global animal health company, in a secondary offering of 54,500,000 shares of its common stock by selling shareholder Bayer World Investments B.V., an indirect, wholly owned subsidiary of Bayer AG. The selling shareholder previously received approximately 72.9 million shares of Elanco common stock in connection with the completion of Elanco’s acquisition of the Bayer animal health business on August 1, 2020. The shares in the secondary offering were priced at $30.25 per share, for gross proceeds of approximately $1.65 billion to the selling shareholder. BofA Securities, Goldman Sachs & Co. LLC and Credit Suisse acted as joint bookrunning managers for the transaction.

The Paul, Weiss team included corporate partners David Huntington and Tarun Stewart and counsel David Sobel; tax partner Scott Sontag; executive compensation partner Andrew Gaines; intellectual property partner Jonathan Ashtor; and real estate partner Peter Fisch.

December 3, 2020

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