Elanco divests two business lines for $230M to clear path for Bayer deal

In an effort to win approval for the acquisition of Bayer AG's animal health business, Elanco Animal Health Inc. announced it will divest two products from its portfolio totaling nearly $60 million in annual revenue. On Monday, Elanco (NYSE: ELAN) announced it would sell Capstar, an oral tablet that kills fleas in dogs and cats, to pet medication and wellness company PetIQ Inc. (Nasdaq: PETQ) for $95 million. Capstar generated $28.5 million in revenue for Elanco in 2018. Last week, Elanco also…
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