October 5, 2016 / 12:10 PM / 3 years ago

Lilly to buy Boehringer's U.S. pet vaccines unit

(Reuters) - Eli Lilly Co (LLY.N) said on Wednesday it would buy German drugmaker Boehringer Ingelheim’s U.S. pet vaccines business and a manufacturing plant for $885 million.

Lilly’s Elanco animal health company will get Boehringer’s U.S. feline, canine and rabies vaccines portfolio, as well as several experimental products.

Indianapolis-based Lilly will gain access to BI’s Fort Dodge, Iowa-based plant, which is used for vaccine manufacturing as well as research and development.

Elanco, whose U.S. offerings include parasiticides, pain and dermatology medicines, said the deal would add to its adjusted earnings in 2018.

The transaction is expected to close by early 2017, the companies said.

The deal is contingent on antitrust approval as well as the closing of an asset swap between BI and France’s Sanofi SA (SASY.PA), signed in June.

Jefferies is Lilly’s financial adviser and Paul Hastings LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are its legal advisers.

Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Martina D'Couto

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