Elanco Animal Health, a spin-off of Eli Lilly's global animal health medicines and vaccines business, announced terms for its IPO on Thursday.
The Greenfield, IN-based company plans to raise $1.4 billion by offering 62.9 million shares at a price range of $20 to $23. At the midpoint of the proposed range, Elanco Animal Health would command a fully diluted market value of $7.7 billion and an enterprise value of $9.9 billion.
Elanco Animal Health 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, Morgan Stanley, Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Evercore and Cowen are the joint bookrunners on the deal. It is expected to price during the week of September 17, 2018.
