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Elanco US Inc., a subsidiary of Eli Lilly and Company, has completed the acquisition of Boehringer Ingelheim Vetmedica, Inc's (BIVI) US feline, canine and rabies vaccines portfolio - as well as a fully integrated manufacturing and R&D site and several pipeline assets.
The acquisition diversifies Elanco's US companion animal portfolio by adding vaccines for a range of common concerns such as bordetella, Lyme disease, feline leukemia, rabies, and parvovirus. Product will be made available by Elanco immediately, with no interruption in supply to veterinarians who rely on these products to keep pets living longer, healthier lives.
"With a growing portfolio addressing both prevention and treatment of disease, Elanco is now able to offer our US customers a comprehensive suite of solutions to some of pets' most common issues," said Eric Graves, president, Elanco North American operations. "These new offerings will come with the Elanco expertise that veterinarians and pet owners have come to know and trust, including pet health case management, technical support, and resources for supporting the human-animal bond."
Under the terms of the agreement, Elanco acquired the BIVI portfolio for approximately $885 million, including the estimated cost of acquired inventory. The impact of the acquisition, which closed on January 3, 2017, will be reflected beginning in Lilly's first quarter 2017 financial statements.
The acquired vaccines portfolio has experienced revenue growth over the past three years, and Lilly expects the acquisition to be accretive to GAAP earnings in 2019 and to non-GAAP earnings in 2018.
Jefferies LLC is acting as the exclusive financial advisor and Paul Hastings LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal advisors to Elanco and Lilly in this transaction.
The product lines include: (Canine) Duramune, Duramune Lymem, Bronchi-Shield & ULTRA Duramune; (Feline) Fel-O-Vax, ULTRA Fel-O-Vax & Fel-O-Guard; (Rabies) Rabvac
