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German chemical and pharmaceutical group Bayer said Tuesday it was selling its Animal Health business unit to US-based drug firm Elanco for $7.6 billion to create an industry giant.
Bayer said in a statement that the sale, aimed at sharpening the company's focus on life sciences, was expected to be concluded in mid-2020 pending anti-trust clearance.
Bayer - Animal - Health - Business - Leader
Bayer's Animal Health business is a global leader in the segment with sales of $1.8 billion last year. The deal will create the number two in the sector.
The transaction will consist of $5.3 billion in cash and $2.3 billion in Elanco stock, Bayer said.
Sale - Bayer - Animal - Health - Employees
It pledged that under the sale, "all Bayer Animal Health employees will have at least one year of employment protection against unilateral termination with similar and no less favourable benefits in the aggregate".
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