Elanco Animal Health, a subsidiary of Eli Lilly, announced it has launched a roadshow for the initial public offering of its common stock. Elanco is offering 62.9 million shares of its common stock in the IPO. The underwriters will also have a 30-day option to purchase up to 9.4 million additional shares of common stock at the IPO price, less underwriting discounts and commissions. The IPO price is currently expected to be between $20.00 and $23.00 per share. Elanco expects to list its common stock on the New York Stock Exchange under the ticker symbol “ELAN.” Following the IPO, Lilly is expected to hold approximately 82.3% of Elanco, or 80.2% if the underwriters’ overallotment option is exercised in full. The net proceeds from the IPO, net of certain amounts to be retained by Elanco, are expected to be paid to Lilly as partial consideration for the animal health businesses that Lilly is transferring to Elanco in connection with the IPO. Goldman Sachs, J.P. Morgan and Morgan Stanley are joint lead book-running managers for the offering.
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