Eli Lilly ($LLY) has set its sights on a European expansion of its animal health unit, Elanco. The pharma company has made an irrevocable, unconditional offer to buy the animal health business of Johnson & Johnson's ($JNJ) Janssen Pharmaceutica NV.
The proposed deal would bring Elanco 50 marketed animal health products. Employees of Janssen's animal health unit would join Elanco, but the deal doesn't include Janssen's manufacturing facilities. Both companies have let European regulators know of the proposed agreement, according to Lilly. Financial terms were not disclosed.
Elanco, which says it already operates offices in more than 40 countries, would deepen its European presence through the acquisition. Janssen's animal health business, headquartered in Beerse, Belgium, has a European focus with product emphases on companion animals and livestock.
"Through this transaction, we intend to further expand our European presence, bolster our growing portfolio of companion animal medicines and diversify our food animal portfolio with new swine and poultry products," Jeff Simmons, Lilly senior vice president and president of Elanco, said in a statement.
- here's the Lilly release