Elanco Releases Details on IPO

Posted: Updated:
GREENFIELD -

Greenfield-based Elanco Animal Health Inc. has provided more details on its upcoming Initial Public Offering. The subsidiary of Eli Lilly and Co. (NYSE: LLY) has not yet released a date for the IPO, but says it will list its common stock on the New York Stock Exchange under the ticker symbol "ELAN."

Lilly first announced plans to spin-off Elanco into a separate company in July. Chief Executive Officer Dave Ricks said at the time the move would create maximum value for Lilly shareholders.

Elanco says it will offer 62.9 million shares of its common stock in the IPO, with a 30-day option for underwriters to purchase up to 9.4 million additional shares at the IPO price. The IPO price is expected to be between $20 and $23 per share.

The shares offered in the IPO will represent about 18.7 percent of Elanco. Lilly is expected to hold the majority of Elanco shares. Net proceeds from the IPO are expected to be paid to Lilly as partial consideration for the animal health businesses that Lilly is transferring to Elanco in connection with the IPO.

Lilly filed a registration statement with the U.S. Securities and Exchange Commission for the IPO last month, but that statement has not yet become effective. The IPO is expected to take place before the end of the year.

  • Perspectives

    • Do You Make These Top 5 Marketing Mistakes?

      Picture this: You’re the CEO of a multi-million dollar company. In just a few short years, you have led your firm in quickly become a rising star within your industry. Now, you’re ready to make your entrance into the big leagues known at this year’s premier tradeshow. The only problem is that your rapid growth has outpaced your "DIY" marketing. And to be taken seriously at the next level, your company needs a strong marketing message that clearly...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Thor Set to Become Largest RV Maker in The World

      Elkhart-based Thor Industries Inc. (NYSE: THO) has announced an agreement to acquire a German recreational vehicle manufacturer for approximately $2.4 billion. Once complete, Thor says the deal for Erwin Hymer Group SE will create the world's largest RV maker. EHG currently employs more than 7,300 globally and its RVs are sold through a network of over 1,200 retailers. The companies say they expect no change in employee headcount or number of facilities as a result of...

    • (Image courtesy of AM General)

      AM General Wins $560M Humvee Contract

      A major contract has been awarded to South Bend-based AM General LLC. The more than $560 million deal involves production of 2,800 Humvee ambulances. The first vehicles, AM General says, are expected to be delivered in the second quarter of next year. U.S. Army Contracting Command in Warren, Michigan is the contracting activity. AM General is partnering with Rock Island Arsenal Executive Vice President of U.S. Defense Chris Vanslager says...

    • Manufacturer Bringing 500+ Jobs to Hobart

      An Illinois-based manufacturer is moving two manufacturing operations from Illinois to Indiana, with plans to create up to 582 jobs in Hobart by the end of 2021. Wynright Corp., which makes intelligent material handling systems, says it will invest $26 million to build and equip a facility at the NorthWind Crossings business park. Parent company Daifuku North America says the move puts the operations under one roof in a location that's able to handle future growth.

    • (Image courtesy of WTC Indianapolis) Fahad Al Gergawi, pictured right next to Indiana Secretary of Commerce Jim Schellinger and Governor Eric Holcomb, met with business and economic leaders in Indianapolis.

      Dubai Trade Official Talks Indiana Opportunities

      An economic development official from the United Arab Emirates is using a trade mission in Indianapolis to showcase what he says is a global hub in Dubai that offers opportunities with large economies in his country and beyond. Dubai FDI Chief Executive Officer Fahad Al Gergawi said Indianapolis is one of more than a dozen U.S. cities he and his colleagues have toured in the last four years that possess "significant strength in terms of international trade."

    • Purdue Launches National Veterinary Medicine Academy

      The Purdue University College of Veterinary Medicine is using a more than $3 million grant to establish an academy designed to address a national shortage of veterinarians in rural areas. Vet Up! The National Health Careers Opportunity Program Academy for Veterinary Medicine will also focus on food animal practice and a lack of underrepresented people entering the veterinary profession.