Elanco Animal Health sells aqua business to Merck for $1.3 billion

Elanco Animal Health Inc has announced the sale of its aqua business to Merck Animal Health for US$1.3 billion in a bid to refocus on other markets. This will enable Elanco to accelerate debt paydown by US$1.05 billion to US$1.1 billion, the company said on Monday, with the proceeds representing over seven times the estimated 2023 revenue of the hot and cold water species product firm. “The sale of the aqua business allows us to prioritize our investments in larger markets with greater earnings potential ov ...