Lilly's Elanco unit expects IPO to raise up to US$1.45b

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BENGALURU (Sept 6): Eli Lilly & Co's Elanco Animal Health unit on Thursday said it expects its initial public offering of 62.9 million shares to raise up to US$1.45 billion.

The IPO is expected to be priced between US$20-US$23 per share. At the high end of the range, the company would have a valuation of about US$8 billion.

In July, Lilly said it would take Elanco public, marking the end of a nine-month review that weighed options for the unit.

Analysts have cited the strong growth of top animal-health company Zoetis Inc since Pfizer listed it about five years ago.

Zoetis' IPO raised US$2.2 billion and the company currently has a market capitalization of US$43 billion.

For the six months ended June 30, Elanco's net income was US$9.9 million and the company brought in revenue of US$1.5 billion.