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Elanco Animal Health To Acquire Kindred Biosciences For About $440 Mln - Quick Facts

(RTTNews) - Elanco Animal Health Inc. (ELAN) and veterinary biopharmaceutical company Kindred Biosciences, Inc. (KIN) announced Wednesday they have entered into a definitive agreement for Elanco to acquire Kindred for $9.25 per share, or approximately $440 million.

The acquisition further accelerates Elanco's expansion in the attractive pet health market, particularly advancing Elanco's presence in the fast-growing billion-dollar dermatology category.

Kindred brings three potential dermatology blockbusters expected to launch through 2025, as well as a number of additional R&D programs for other chronic disorders and unmet needs, including canine parvovirus.

Elanco anticipates the combination will add approximately $100 million to its previously stated innovation revenue expectation of $500 million to $600 million by 2025, with significant opportunity beyond the period.

Elanco intends to fund the acquisition with pre-payable debt. Transaction and operating costs will be slightly dilutive to Elanco's reported and adjusted earnings per share in 2021, with the impact expected to be concentrated in the fourth quarter, and also slightly dilutive to the full year 2022
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