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Elanco Animal Health Closes Sale Of Aqua Business To Merck Animal Health
(RTTNews) - Elanco Animal Health, Inc. (ELAN) announced Tuesday it has completed the divestiture of its aqua business to Merck Animal Health (MRK) for approximately $1.3 billion in cash, with approximately $1.05 billion to $1.1 billion in net proceeds available for debt paydown in the third quarter of 2024.
The successful completion of this transaction enables the company to pay down term loan debt on a pro-rata basis per the terms of the company's credit agreements.
Combined with the expected $280 million to $320 million of cash generated from the base business, the company expects to pay down approximately $1.3 billion to $1.4 billion of debt in 2024.
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Elanco Animal Health Boosts FY23 Adj. EPS, Revenue Outlook As Q3 Results Top Estimates
Elanco Animal Health Inc. (ELAN) reported Tuesday a net loss for the third quarter of $1.10 billion or $2.22 per share, sharply wider than $65.0 million or $0.13 per share in the prior-year quarter.
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Elanco's Canine Parvovirus Treatment Gets USDA License
Elanco Animal Health Inc. announced that the U.S. Department of Agriculture or USDA has issued a conditional license for its Canine Parvovirus Monoclonal Antibody. The company expects to begin shipping Canine Parvovirus Monoclonal Antibody in the coming weeks, pending individual state approvals. The targeted single-dose monoclonal antibody is the first and only approved targeted therapeutic...
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European Shares Drift Lower Ahead Of US Inflation Reading
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The antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Friday, as traders await the July Personal Consumption Expenditures (PCE) price index due later in the day.
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The New Zealand dollar strengthened against other major currencies in the Asian session on Friday.
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Australian Dollar Rises Against Majors
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