Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) completed its purchase Thursday of Aratana Therapeutics (Nasdaq: PETX), a pet therapeutics company located near Kansas City. As Inside INdiana Business first reported Tuesday Aratana shareholders voted overwhelmingly in favor of the $245 million deal.
“Aratana’s strong position in the specialty market – with their current portfolio and pipeline – complements Elanco’s field presence and capitalizes on new opportunities for key existing Elanco pet therapy brands,” said Jeff Simmons, president and chief executive officer of Elanco.
Aratana specializes in medications for cats and dogs. Companion animal treatments account for 35 percent of Elanco’s business portfolio. In 2016, Elanco earned exclusive rights to develop, manufacture and commercialize Aratana’s Galliprant, an osteoarthritis treatment for dogs.
“This deal furthers Elanco’s value-generating IPP strategy (Innovation, Portfolio and Productivity) while continuing to bring great value to veterinarians and pet owners,” said Simmons.