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Finance Watch: Lilly Completes Elanco Animal Health Spin-Out As New IPO Filings Keep Rising

 
• By Mandy Jackson

Public Company Edition: Eli Lilly & Co. wasted no time spinning out its animal health business Elanco, which raised $1.5bn in its public debut. Also, as the biopharma IPO tally rises, Vivo Capital launches a new public life science company fund. Meanwhile, Concordia completes its recapitalization.

Finance Watch

It took Eli Lilly & Co. only about three months to take its animal health business public after announcing in July that it planned to spin out Elanco as a separate company, and now Lilly has a new bolus of cash – and much more to come – to reinvest in its research and development pipeline.

Elanco Animal Health Inc. launched its IPO on Sept. 19, grossing $1.5bn from the sale of 62.9m shares at $24 each before the sale of 9.4m additional shares to meet...

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