Elanco to Buy Kindred Biosciences in $440 Million Pet-Care Deal
(Bloomberg) -- Elanco Animal Health Inc. agreed to buy Kindred Biosciences Inc. for about $440 million as it expands in the fast-growing pet health business.
The global animal health company, which provides products and services to prevent and treat disease in farm animals and pets, will pay $9.25 a share for Kindred. That’s a 46% premium to the closing price Tuesday.
Kindred Biosciences develops pet therapeutics and has several potential dermatology treatments in the works. The company also has research programs for other chronic disorders and unmet needs, such as canine parvovirus.
“The combination positions Elanco to bring innovative solutions to veterinarians and pet owners in areas of unmet or under-served medical needs,” Elanco Chief Executive Officer Jeff Simmons said in a statement.
The transaction is expected to close in the third quarter, subject to shareholder approval.
Shares of Burlingame, California-based Kindred rose 45% in premarket trading.
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