Elanco to buy Bayer's animal health unit for $7.6 billion

Elanco Animal Health Inc said on Tuesday it would buy Bayer AG's animal health unit in a cash and stock deal valued at $7.6 billion, a move that would create the second-largest animal health business and expand Elanco's reach in the pet e-commerce space.

The animal health market has seen Pfizer Inc and Eli Lilly and Co, successfully floating their veterinary medicine units on the stock market as independent entities. The deal is expected to be closed by mid-2020, Elanco said.