Elanco Animal Health (ELAN) IPO Opens 34% Higher

Today's IPO for Elanco Animal Health (NYSE: ELAN) opened for trading at $32.25 after pricing 62.9 million shares of its common stock at a price to the public of $24 per share.

Elanco is a spin-off from Eli Lilly and Company (NYSE: LLY).

Elanco has granted the underwriters a 30-day option to purchase up to 9.435 million additional shares of common stock at the initial price to the public less underwriting discounts.

Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley are joint lead book-running managers for the offering. Barclays, BNP Paribas, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Evercore ISI and Cowen are book-running managers for the offering.

Founded in 1954, Elanco provides comprehensive products and knowledge services to improve animal health and food-animal production in more than 90 countries around the world. We value innovation, both in scientific research and daily operations, and strive to cultivate a collaborative work environment for more than 5,800 employees worldwide. Together with our customers, we are committed to raising awareness about global food security, and celebrating and supporting the human-animal bond. Our worldwide headquarters and research facilities are located in Greenfield, Indiana.

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