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LLY

Eli Lilly

$117.49

-1.7 (-1.43%)

, ELAN

Elanco

$29.51

0.49 (1.69%)

06:50
02/08/19
02/08
06:50
02/08/19
06:50

Eli Lilly to initiate divestiture of remaining interest in Elanco

Eli Lilly (LLY) announced it will initiate an exchange offer to divest its remaining interest in Elanco (ELAN). Elanco completed its initial public offering, or IPO, in September 2018, with Lilly retaining an 80.2% ownership interest in Elanco. In the exchange offer, Lilly shareholders can exchange all, some or none of their shares of Lilly common stock for shares of Elanco common stock owned by Lilly, subject to possible proration as described below. The exchange offer is anticipated to be tax-free for participating Lilly shareholders in the United States, except with respect to cash received in lieu of fractional shares. To permit the exchange offer to occur, Lilly has received a waiver of the 180-day lock-up from the joint lead book-running managers of the IPO. The exchange offer is designed to permit Lilly shareholders to exchange their shares of Lilly common stock for shares of Elanco common stock at a 7% discount, subject to an upper limit of 4.5262 shares of Elanco common stock per share of Lilly common stock. If the upper limit is not in effect, for each $100 of shares of Lilly common stock accepted in the exchange offer, tendering shareholders would receive approximately $107.53 of Elanco common stock. These values will be determined by reference to the arithmetic average of the daily volume-weighted average prices of Lilly common stock and Elanco common stock on the New York Stock Exchange during the three consecutive trading days ending on and including the second trading day preceding the expiration date of the exchange offer, which would be March 4, March 5, and March 6, if the exchange offer is not extended or terminated. The final exchange ratio, reflecting the number of shares of Elanco common stock that tendering shareholders will receive for each share of Lilly common stock accepted in the exchange offer, will be announced by press release on the trading day immediately preceding the expiration date of the exchange offer. The completion of the exchange offer is subject to certain conditions, including: at least 146.645M shares of Elanco common stock being distributed in exchange for shares of Lilly common stock validly tendered in the exchange offer; and the receipt of an opinion of counsel that the exchange offer will qualify for tax-free treatment to Lilly and its participating shareholders. Lilly owns 293.29M shares of Elanco common stock, which represents approximately 80.2% of the outstanding common stock of Elanco. The largest possible number of shares of Lilly common stock that will be accepted in the exchange offer equals 293.29M divided by the final exchange ratio. Because the exchange offer is subject to proration if it is oversubscribed, the number of shares of Lilly common stock that Lilly accepts in the exchange offer may be less than the number of shares tendered. If the exchange offer is undersubscribed, Lilly would exchange less than 293.29M shares of Elanco common stock. In that case, Lilly would continue to own an interest in Elanco and, depending on the number of shares of Elanco common stock distributed in the exchange offer, Lilly could retain voting control of Elanco with respect to, among other things, the election of directors. If Lilly continues to own an interest in Elanco after the exchange offer, Lilly intends to conduct additional exchange offers or declare and pay a special dividend of shares of Elanco common stock to all Lilly shareholders to complete the disposition of its Elanco shares. The exchange offer is voluntary for Lilly shareholders.

LLY

Eli Lilly

$117.49

-1.7 (-1.43%)

ELAN

Elanco

$29.51

0.49 (1.69%)

  • 18

    May

LLY Eli Lilly
$117.49

-1.7 (-1.43%)

01/18/19
WBLR
01/18/19
DOWNGRADE
WBLR
Market Perform
Loxo Oncology downgraded to Market Perform from Outperform at William Blair
William Blair analyst Raju Prasad downgraded Loxo Oncology (LOXO) to Market Perform citing the likelihood of the takeover by Eli Lilly (LLY) closing at the agreed upon price.
01/18/19
JPMS
01/18/19
NO CHANGE
JPMS
Overweight
Eli Lilly trial miss a 'moderate setback,' says JPMorgan
JPMorgan analyst Chris Schott calls Eli Lilly's Phase 3 trial miss of Lartruvo in combination with doxorubicin in patients with advanced or metastatic soft tissue sarcoma a "moderate" setback.
01/23/19
UBSW
01/23/19
INITIATION
Target $131
UBSW
Buy
Eli Lilly initiated with a Buy at UBS
UBS analyst Navin Jacob started Eli Lilly with a Buy rating and $131 price target. The analyst's analysis suggests the company's diabetes franchise growth, Verzenio adjuvant trial success and operating margin expansion are not fully appreciated in the stock or estimates
01/25/19
PIPR
01/25/19
NO CHANGE
PIPR
Report that CVS excluded Amgen's Aimovig 'greatly exaggerated,' says Piper
Piper Jaffray analyst Christopher Raymond kept an Overweight rating and $220 price target on Amgen (AMGN) following a Reuters report from earlier on Friday which stated that CVS (CVS) has excluded Amgen's Aimovig from its formulary. The analyst called the report "Friday afternoon clickbait" and noted that while CVS currently provides preferred status to Teva's (TEVA) Ajovy and Eli Lilly's (LLY) Emgality, this was made public in late 2018. In a check with management, Raymond found out the decision only encompasses about one-third of CVS network, that CVS is actively working to improve this access, and that 70% of commercial migraine patients have contracted access to Aimovig. Raymond concluded that this was "not something to worry about" in his view, and did not change his Q4, FY19, or FY20 estimates on Aimovig. In Friday trading, shares of Amgen were down just over 1% to $198.77.
ELAN Elanco
$29.51

0.49 (1.69%)

12/19/18
BMOC
12/19/18
NO CHANGE
Target $32
BMOC
Market Perform
Elanco price target lowered to $32 from $37 at BMO Capital
BMO Capital analyst Alex Arfaei lowered his price target on Elanco (ELAN) to $32 and kept his Market Perform rating, saying its FY19 guidance was "modestly below" his expectations and that he doubts that the management is being conservative. The analyst also cites "significant uncertainties" in 2020 related to competitor's products and the company's R&D productivity, also lowering his FY19 EPS view to $1.13 from $1.22. Arfaei believes that the market valuation on Elanco similar to Zoetis (ZTS) is "premature" based on the "important differences in revenue growth potential, product mix, and execution track record" of the two companies.
01/15/19
ARGS
01/15/19
INITIATION
Target $37
ARGS
Buy
Elanco initiated with a Buy at Argus
Elanco analyst Jasper Hellweg initiated Elanco with a Buy rating and a price target of $37. The analyst cites the company's record of consistent growth through a "three-pillar strategy" of portfolio development, innovation, and productivity improvements. Hellweg is also positive on Elanco's continued cost reduction efforts and its strong pipeline for the next 1-4 years that could lead to a launch of as many as 36 new products. While the analyst warns that Elanco may see some "initial growing pains as a standalone public company" but also expects it to generate strong earnings growth over time.
01/15/19
01/15/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. StoneCo (STNE) initiated with a Buy at BofA/Merrill. 2. Southwest Gas (SWX) initiated with a Market Perform at Wells Fargo. 3. Luna Innovations (LUNA) initiated with a Buy at B. Riley FBR. 4. Dell Technologies (DELL) initiated with a Neutral at UBS. 5. Elanco (ELAN) initiated with a Buy at Argus. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/23/19
UBSW
01/23/19
INITIATION
Target $29
UBSW
Sell
Elanco initiated with a Sell at UBS
UBS analyst Navin Jacob started Elanco Animal Health with a Sell rating and $29 price target. The company has solid fundamentals, but the stock price and long-term consensus estimates are "too far ahead" of what survey work suggests, Jacob tells investors in a research note.

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, MSFT

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NASDAQ Market Internals

$0.00

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BCBP

BCB Bancorp

$12.71

-0.09 (-0.70%)

16:17
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Earnings
BCB Bancorp reports Q2 EPS 30c, consensus 30c »

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$NYE

NYSE Market Internals

$0.00

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CNXM

CNX Midstream Partners

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TELL

Tellurian

$7.25

0.22 (3.13%)

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ROKU

Roku

$106.83

-2.18 (-2.00%)

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Conference/Events
Roku management to meet with Oppenheimer »

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EHTH

eHealth

$86.91

-0.59 (-0.67%)

16:12
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JEF

Jefferies Financial Group

$20.95

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CNB Financial

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Sunesis

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HRI

Herc Holdings

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GMAB

Genmab

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DISH

Dish

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Gap

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