By Olivia Bugault

Bayer AG said Tuesday that it will raise roughly $1.65 billion through the placement of Elanco Animal Health Inc. shares.

The German chemical and pharmaceutical conglomerate said that it will place 54.5 million Elanco shares at a price of $30.25 each.

"Bayer has granted the underwriters a 30-day option to purchase up to an additional 8.175 million Elanco shares on the same terms and conditions," the company said.

In August, Bayer completed the sale of its animal health business unit to U.S.-based company Elanco and received 72.9 million Elanco shares corresponding to roughly 15.5% of the company's outstanding shares.

"As previously announced, Bayer intends to divest the remaining stake in Elanco in due course," Bayer said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

December 01, 2020 02:00 ET (07:00 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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