Elanco Animal Health, the world’s third largest veterinary medicines company, has completed its separation from its parent, the global chemicals business Eli Lilly & Co.

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Elanco Animal Health Incorporated is listed on the New York Stock Exchange as ELAN and trading as a fully independent company.

Eli Lilly first announced that it was exploring “strategic alternatives” for its 64 year old animal health company in late 2017. An Independent Public Offer in June 2018 was followed the sale of an initial 19.8% of equity later last year. That offer was 7.6 times oversubscribed.

“This is a historic day for everyone at Elanco,” comments its president and chief executive Jeff Simmons. “It reflects our team’s hard work over the past two years, the confidence that we have the right strategy and are successfully progressing the execution against it.

“With this milestone behind us, we look forward to a singular focus delivering innovative solutions and services for our customers – the farmers, veterinarians and pet owners that are central to our success. We welcome our new Elanco shareholders who join us and offer our appreciation to our customers, and Lilly for the decades of support.”

Elanco’s full year 2018 revenues rose 6% to $3.1 billion.