Bayer's sale of its animal health business comes after the German chemicals giant proposed an $8 billion payout to settle all cases alleging that Monsanto's Roundup weed killer causes cancer.
: Bayer will sell its animal health business to Elanco for $7.6 billion as the German chemical and pharmaceutical giant tries to reorganize its business following its acquisition of Monsanto, which faces scores of lawsuits over claims its pesticide Roundup causes cancer.after regulatory approval and other conditions, will create the second-largest animal health company after Zoetis, with a 13% market share.
Bayer will receive $5.3 billion in cash and a $2.3 billion stake in the American pharmaceuticals firm, which it will sell over time.that it would shed its animal health division as part of a bigger cost-saving drive and so that it could focus on its agriculture and drug divisions. The business, based in Leverkusen, Germany, has already raised $550 million with the sale of the Coppertone sun protection business in May, and $585 million from its Dr Scholl’s unit in July.
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