Eli Lilly to take animal health unit public

FILE PHOTO: The logo of Lilly is seen on a wall of the Lilly France company unit, part of the Eli Lilly and Co drugmaker group, in Fegersheim near Strasbourg, France, February 1, 2018. REUTERS/Vincent Kessler

(Reuters) - Eli Lilly and Co LLY.N said on Tuesday it would spin off its Elanco animal health business and take it public.

Lilly will offer a stake of less than 20 percent and expects to complete the initial public offering during the second half of the year, the company said in a statement.

(This version of the story has been refiled to correct the second paragraph to say Lilly will offer less than 20 percent, not retain less than 20 percent.)

Reporting by Tamara Mathias in Bengaluru; Editing by Supriya Kurane