William Weldon, vice president of Elanco research and development added, "Meeting the growing demand for food requires us to develop and commercialize technology that improves the ability of livestock to get the most out of every pound of feed and natural resources used in production. Elanco is excited to combine our experience and approach in product development, fermentation and protein production with ChemGen's expertise in the development and commercialization of feed enzymes."
Bernie Treidl, president of ChemGen said, "Enzymes are naturally-occurring proteins that have been widely used and accepted in many industries for decades. ChemGen has been at work over the past 25 years improving the manufacturing and delivery process of enzymes for feed uses. Our focus at ChemGen is to develop innovative feed enzyme products, which aligns well with Elanco's goal of using technology solutions to meet the world's growing demand for food. My team at ChemGen looks forward to joining Elanco and working together to meet that goal."
The transaction is expected to close in the first quarter of 2012, contingent upon clearance under the Hart-Scott-Rodino Anti-Trust Improvements Act and other customary closing conditions. Financial terms of the transaction were not disclosed. JPMorgan served as financial advisor to Lilly, while Houlihan Lokey served as financial advisor to ChemGen.
Media Briefing Information
Jeff Simmons, president of Elanco Animal Health, will lead a media briefing at 3:00 pm EST today, January 24, 2012, live from the International Poultry Expo (IPE) in Atlanta, Georgia. Simmons will discuss the acquisition of ChemGen, as well as Elanco's strategy and corporate priorities. The media briefing will be held in the IPE Media Center Conference Room (in the B Lobby). A conference call will also be available
|SOURCE Eli Lilly and Company|
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