Bayer周二宣布，总部位于美国的公司Elanco Animal Health已签订收购拜耳动物保健业务的最终协议。
根据2019年8月6日的未受影响的30天成交量加权平均价格，该交易价值76亿美元，包括53亿美元现金，根据惯例购买价格调整，以及23亿美元Elanco股票。股权代价的价值固定在7.5%的范围内。根据截至2019年6月30日的拜耳动物健康特殊项目之前的12个月EBITDA，交易价值代表18.8倍的隐含倍数。此次撤资预计将在2020年年中完成，但须满足惯例成交条件，包括反垄断许可。随着时间的推移，拜耳打算退出其在Elanco的股份。
“这项交易增强了我们作为生命科学领域全球领导者的重点，”拜耳公司管理委员会主席Werner Baumann说。动物健康业务的退出标志着拜耳于2018年11月发起的一系列投资组合措施中的最大交易。该公司此前已宣布剥离其消费者健康品牌Coppertone™和Dr.Scholl's™以及其60美元的销售德国网站服务提供商Currenta的最高股份。“因此，我们提前完成了我们在2018年12月资本市场日传达的推动价值创造的关键优先事项之一”，Baumann说。
这种组合具有很强的互补性，创造了第二大动物保健公司，在各种物种和地理位置上排名前三。它还增强了Elanco的全球领先品牌组合，并巩固了其创新能力和研发渠道。
“我非常尊重拜耳动物保健团队以及他们对改善动物健康和福祉的共同热情，”Elanco总裁兼首席执行官Jeffrey N.Simmons说。“结合Elanco与兽医的密切关系以及拜耳在零售和电子商务领域的领导地位将最终使我们的所有客户受益。我们期待加入我们的配套组合和能力，建立一个完全专注的动物保健公司，为农民，兽医和宠物主人提供持续的创新流程。“
拜耳动物保健业务是该领域的全球领导者，2018财年的销售额为18亿美元。它开发和营销创新产品和解决方案，以预防和治疗伴侣和农场动物的疾病。例如，Advantage™系列跳蚤，蜱虫和蠕虫控制产品已成为市场上最成功的产品之一。此外，创新的Seresto™项圈是该领域发展最快的产品之一。
“我们要感谢所有动物健康员工多年来所做的承诺以及这为拜耳和动物健康业务带来的成功。我们还能够维护员工的利益，“鲍曼说。根据与Elanco的协议，所有拜耳动物保健员工将至少有一年的就业保护，以防止单方面终止，总体上具有类似且不逊色的福利。
美国银行美林和瑞士信贷担任拜耳的财务顾问，而沙利文和克伦威尔，普华永道法律和Linklaters担任法律顾问。
英文版：Bayer to sell its Animal Health business unit to Elanco
U.S.-based company Elanco Animal Health has entered into a definitive agreement to acquire Bayer’s Animal Health business,Bayer announced on Tuesday.
The transaction is valued at 7.6 billion U.S.dollars consisting of 5.3 billion U.S.dollars in cash,subject to customary purchase price adjustments,and 2.3 billion U.S.dollars in Elanco stock based on the unaffected 30-day volume weighted average price as of August 6,2019.The value of the equity consideration is fixed within a 7.5 percent collar.The transaction value represents an implied multiple of 18.8x based on the 12 months EBITDA before special items of Bayer Animal Health as of June 30,2019.The divestment is expected to be concluded in mid-2020 subject to the satisfaction of customary closing conditions,including antitrust clearance.Bayer intends to exit its stake in Elanco over time.
“This transaction enhances our focus as a global leader in life sciences,”said Werner Baumann,Chairman of the Board of Management of Bayer AG.The exit of the Animal Health business marks the largest transaction in the series of portfolio measures initiated by Bayer in November 2018.The company had previously announced the divestiture of its Consumer Health brands Coppertone™and Dr.Scholl’s™along with the sale of its 60-percent stake in German site services provider Currenta.“We are therefore delivering ahead of schedule on one of the key priorities for driving value creation that we communicated at our Capital Markets Day in December 2018”,said Baumann.
The combination is highly complementary and creates the number two animal health company,with top three positions across a broad range of species and geographies.It also enhances Elanco’s portfolio of leading global brands and bolsters its innovation capabilities and R&D pipeline.
“I have tremendous respect for the Bayer Animal Health team and their shared passion for improving the health and well-being of animals,”said Jeffrey N.Simmons,president and chief executive officer of Elanco.“Combining Elanco’s strong relationship with veterinarians and Bayer’s leadership in retail and e-commerce will ultimately benefit all our customers.We look forward to joining our complementary portfolios and capabilities to build a fully focused animal health company,providing a sustained flow of innovation for farmers,veterinarians and pet owners.”
Bayer’s Animal Health business is a global leader in the segment with sales of 1.8 billion U.S.dollars in fiscal 2018.It develops and markets innovative products and solutions to prevent and treat diseases in companion and farm animals.The Advantage™family of flea,tick and worm control products,for instance,has been among the most successful products on the market for years.In addition,the innovative Seresto™collar is one of the fastest-growing products in this area.
“We would like to thank all our Animal Health employees for the commitment they have shown over the years and for the success this has brought to Bayer and to our Animal Health business.We were also able to safeguard the interests of our employees,”said Baumann.Under the agreement with Elanco,all Bayer Animal Health employees will have at least one year of employment protection against unilateral termination with similar and no less favorable benefits in the aggregate.
Bank of America Merrill Lynch and Credit Suisse acted as financial advisors to Bayer,while Sullivan&Cromwell,PwC Legal and Linklaters acted as legal advisors.