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Eli Lilly animal medicine spin-off Elanco files for a $100 million IPO

August 2, 2018
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Elanco, the animal vaccines and treatments division being spun out of Eli Lilly, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. The deal size is likely a placeholder for an IPO that we estimate could raise $2.5 billion.

The Greenfield, IN-based company was founded in 1954 and booked $3.0 billion in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol ELAN. Goldman Sachs, J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.