Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has announced plans to divest its remaining interest in Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN). The pharmaceutical giant retained a more than 80 percent ownership interest in Elanco, following the company’s Initial Public Offering in September. 

Lilly says its exchange offer will permit Lilly shareholders to exchange their shares of Lilly common stock for shares of Elanco common stock at a 7 percent discount. The company currently owns more than 239 million shares of Elanco stock.

"We were encouraged by the demand for the IPO and have been pleased with Elanco’s performance," said David Ricks, chief executive officer of Lilly. "It’s the right time to finalize the separation, let Elanco chart its future as a standalone company, and focus Lilly on our core mission to create human medicines that make life better for people around the world."

Last July, Lilly announced plans to spin off Elanco as its own, publicly-traded company. At the time, Ricks said the move would allow Lilly to focus more on its human pharmaceutical business. 

You can read more about the stock exchange offer by clicking here.

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