Eli Lilly announces public offering and separation of its animal health unit

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The global pharmaceutical company is to spin off its animal health business.

Eli Lilly today said that it plans to file an initial public offering and take a minority stake in its Elanco animal heath unit, according to Reuters.

Lilly CEO David Ricks PHOTO: Lilly

It plans to take less than a 20 percent stake in the new company.

This makes a big change to last year – when Eli Lilly considered selling its animal health business.

The giant expects to complete the initial public offering process in the second half of the year. Shares of Lilly rose nearly 5 percent today in premarket trade.

Elanco’s DNA-derived vaccine, Clynav, was used on over 400,000 farmed fish in Norway in February this year.