Lilly to acquire European rights to Pfizer Animal Health assets
Published in
M2 Pharma
on Tuesday, 09 March 2010 at
12:16 GMT
Copyright (C) 2010, M2 Communications
9 March 2010 - US-based company Elanco, the animal health division of Eli Lilly and Company (NYSE: LLY) announced yesterday that Lilly has signed an agreement to acquire the European rights to a portfolio of certain Pfizer Animal Health products.
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. As part of the agreement, all Sligo employees will be offered positions with Elanco.
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.
Release date: 09 Mar 2010