Elanco Animal Health agrees to sell aqua business to Merck for $1.3 billion in cash

Elanco Animal Health Inc. ELAN, -0.41% said Monday it has agreed to sell its aqua business to Merck Animal Health MRK, +0.02% for $1.3 billion in cash. Greenfield, Ind.-based Elanco said the sum is equal to about 7.4 times the estimated 2023 revenue of the Elanco aqua business, which includes products across warm-water and cold-water species such as salmon vaccines. The deal “allows us to prioritize our investments in larger markets with greater earnings potential over the medium and long term, while creat ...