The IPO details, announced
Lilly announced the spinoff in July, saying it would allow
Lilly added that, by setting
For years, Lilly could count on
But competitors including Zoetis and Bayer have now taken some of its market share. The downturn came just as Lilly was expecting a big boost in sales and profit, helped by
Lilly launched the unit in 1953 to produce antibiotics for livestock, and over the years expanded it to a wide variety of health products for companion animals and food animals.
Lilly has said
The animal health unit employs 6,500 people, including about 775 at its headquarters in
Following the IPO, Lilly is expected to hold about 80 percent of
The net proceeds of the IPO, minus an unspecified amount to be retained by
For decades, animal health was a fairly sleepy industry.
But in recent years, it has roared to life, seizing on the rising consumption of meat around the world and the growing number of household pets.
In 2007, Lilly jumped into the pet health market, producing parasite killers and diet products for dogs and cats.
The largest move in the industry came in 2013, when
The deal also sparked a wave of consolidation, including Lilly's