Deal Provides Strategic Fit with Lilly's Animal Health Division
GREENFIELD, Ind., Aug. 20 /PRNewswire-FirstCall/ -- Elanco, a division of Eli Lilly and Company (NYSE: LLY), today announced that Lilly has signed an agreement to acquire the worldwide rights to the dairy cow supplement, Posilac(R) (sometribove), as well as the product's supporting operations, from Monsanto Company (NYSE: MON).
"Global dairy demand is increasing, outstripping supply, and consumers are seeing rapidly rising prices," said Jeff Simmons, president, Elanco. "With the purchase of Posilac, Elanco can enhance its overall product portfolio and work together with the industry to provide dairy farmers more options and give consumers affordable choices. Critically, we remain focused on the health and care of the cow in working with farmers to increase global milk supply.
"With our rich history and experience in the dairy industry, Elanco is the ideal steward of this vital technology," Simmons said. "Elanco remains committed to using science to address the growing need for safe, affordable food; and to choices for consumers, retailers and producers."
Elanco has exclusively sold sometribove outside of the United States for a decade. Posilac has been safely used for more than 14 years.
Under the terms of the agreement, Lilly will acquire all rights to the
Posilac brand, as well as the product's U.S. sales force and its
manufacturing facility in Augusta, Georgia. In return, Monsanto will
receive a $300 million upfront p
|SOURCE Eli Lilly and Company|
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