Elanco to buy KindredBio in $440M stock acquisition
by Katie Pfaff
Animal health and product company Elanco Animal Health Incorporated and pet-focused biopharmaceutical company Kindred Biosciences, Inc., have entered an agreement that allows Elanco to acquire KindredBio to advance its profile in pet health and dermatology. The acquisition is expected to close in the third quarter of 2021.
As part of the agreement, Elanco will acquire outstanding KindredBio stock for about $440 million (at $9.25 per share), paid for through pre-payable debt. KindredBio's pipeline includes three dermatology therapeutics anticipated to launch into 2025 and additional R&D into chronic health issues like canine parvovirus. The bolt-on acquisition is expected to add about $100 million to Elanco's forecast revenue of $500 to $600 million by 2025.
"Kindred Biosciences' monoclonal antibody pipeline and capabilities are additive and complementary to what we've built within Elanco," said Aaron Schacht, executive vice president of Innovation, Regulatory, and Business Development at Elanco. "This combination will bolster our opportunity for leadership in atopic dermatitis and allow us to deliver innovation of novel biologic therapeutics to treat other unmet disease challenges in pets."
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