Elanco Raises $1.3 Billion in Concurrent Common Stock and Tangible Equity Unit Offerings

Paul, Weiss advised Elanco Animal Health Incorporated, a premier global animal health company, in the concurrent offerings of 22,694,732 shares of common stock and 11,000,000 5.00% tangible equity units. Elanco will use the approximately $1.3 billion net proceeds from the offerings, together with approximately $4 billion of debt financing, to finance the cash portion of the previously announced acquisition of Bayer AG’s animal health business. Goldman, Sachs & Co., Citigroup, J.P.Morgan and BofA Securities were joint book-runners for both offerings, and BofA Securities, Barclays, BNP PARIBAS, Mizuho Securities, MUFG and Stifel were co-managers.

The Paul, Weiss team included, among others, corporate partners David Huntington, Tarun Stewart and Manuel Frey; tax partner Scott Sontag; intellectual property partner Jonathan Ashtor; real estate partner Mitchell Berg; environmental counsel William O’Brien; and litigation partner David Brown.