Elanco buying Bayer’s animal health business for $7.6 billion

Elanco Animal Health

ELAN, +1.53%

said it’s buying Bayer’s

BAYN, +0.24%

animal health business for $7.6 billion. Elanco said it will pay $5.32 billion in cash and $2.28 billion in stock. Elanco said it intends to fund the cash consideration through a combination of new debt and equity. At close, Elanco expects its gross debt to adjusted EBITDA leverage ratio to be 5x.

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