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Eli Lilly and Company (LLY) (JOBS) to Acquire European Rights to Pfizer Animal Health (JOBS) Assets


3/8/2010 7:26:31 AM

GREENFIELD, Ind., March 8 /PRNewswire-FirstCall/ -- Elanco, the animal health division of Eli Lilly and Company (NYSE:LLY - News), today announced that Lilly has signed an agreement to acquire the European rights to a portfolio of certain Pfizer Animal Health products. The products, including vaccines, parasiticides and feed additives, are used in both the production animal and companion animal markets.

The products have been marketed by Pfizer and Wyeth's Fort Dodge operations. Elanco also will acquire a manufacturing facility in Sligo, Ireland, currently used in the production of animal vaccines. As part of the agreement, all Sligo employees will be offered positions with Elanco.

"The addition of this attractive portfolio of products and a world-class manufacturing facility is a natural fit for Elanco and positions us well for sustained growth," said Jeff Simmons, president, Elanco. "Through this acquisition, we will expand and diversify our European presence with new market-leading products, augment our growing portfolio of companion animal medicines, and acquire new biologic and vaccine capabilities. We are excited about these new opportunities to improve animal health and protein production, and deliver greater value to our customers."

The European Commission requested that Pfizer divest these products as a result of Pfizer's acquisition last year of Wyeth, including Wyeth's Fort Dodge Animal Health business.

Under the terms of the agreement, Lilly will acquire European rights to a portfolio of marketed products, as well as a biological manufacturing facility in Sligo, Ireland. In return, Pfizer will receive an undisclosed upfront payment. In order to ensure an uninterrupted supply of product to customers, both companies also have signed corresponding manufacturing supply agreements. Closing of the transaction is contingent upon clearance from European regulatory authorities and other customary closing conditions. No other terms of the transaction were disclosed.

About Elanco

Elanco is a global, innovation-driven company that develops and markets products to improve animal health and protein production in more than 75 countries. Elanco employs more than 2,300 people worldwide, with offices in more than 40 countries, and is a division of Eli Lilly and Company, a leading global pharmaceutical corporation. Additional information about Elanco is available at www.elanco.com.

About Eli Lilly and Company

Lilly, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers – through medicines and information – for some of the world's most urgent medical needs. C-LLY

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