Germany's Bayer sells animal health business for 7.6 bln USD

Source: Xinhua | 2019-08-21

German multinational pharmaceutical company Bayer AG is selling its animal health division for 7.6 billion U.S. dollars to the U.S. group Elanco, the German news agency DPA reported on Tuesday.
Of the transaction, 5.3 billion dollars will be paid in cash and the remaining 2.3 billion will be paid in Elanco shares, according to the report.
The animal health division, with about 3,700 employees, is the smallest division in the Bayer Group, accounting for about 3 percent of Bayer's total workforce, according to the DPA.