Bayer周二宣布，總部位于美國的公司Elanco Animal Health已簽訂收購拜耳動物保健業(yè)務(wù)的最終協(xié)議。

根據(jù)2019年8月6日的未受影響的30天成交量加權(quán)平均價格，該交易價值76億美元，包括53億美元現(xiàn)金，根據(jù)慣例購買價格調(diào)整，以及23億美元Elanco股票。股權(quán)代價的價值固定在7.5%的范圍內(nèi)。根據(jù)截至2019年6月30日的拜耳動物健康特殊項目之前的12個月EBITDA，交易價值代表18.8倍的隱含倍數(shù)。此次撤資預(yù)計將在2020年年中完成，但須滿足慣例成交條件，包括反壟斷許可。隨著時間的推移，拜耳打算退出其在Elanco的股份。

“這項交易增強了我們作為生命科學(xué)領(lǐng)域全球領(lǐng)導(dǎo)者的重點，”拜耳公司管理委員會主席Werner Baumann說。動物健康業(yè)務(wù)的退出標(biāo)志著拜耳于2018年11月發(fā)起的一系列投資組合措施中的最大交易。該公司此前已宣布剝離其消費者健康品牌Coppertone™和Dr.Scholl's™以及其60美元的銷售德國網(wǎng)站服務(wù)提供商Currenta的最高股份。“因此，我們提前完成了我們在2018年12月資本市場日傳達(dá)的推動價值創(chuàng)造的關(guān)鍵優(yōu)先事項之一”，Baumann說。

這種組合具有很強的互補性，創(chuàng)造了第二大動物保健公司，在各種物種和地理位置上排名前三。它還增強了Elanco的全球領(lǐng)先品牌組合，并鞏固了其創(chuàng)新能力和研發(fā)渠道。

“我非常尊重拜耳動物保健團(tuán)隊以及他們對改善動物健康和福祉的共同熱情，”Elanco總裁兼首席執(zhí)行官Jeffrey N.Simmons說。“結(jié)合Elanco與獸醫(yī)的密切關(guān)系以及拜耳在零售和電子商務(wù)領(lǐng)域的領(lǐng)導(dǎo)地位將最終使我們的所有客戶受益。我們期待加入我們的配套組合和能力，建立一個完全專注的動物保健公司，為農(nóng)民，獸醫(yī)和寵物主人提供持續(xù)的創(chuàng)新流程。“

拜耳動物保健業(yè)務(wù)是該領(lǐng)域的全球領(lǐng)導(dǎo)者，2018財年的銷售額為18億美元。它開發(fā)和營銷創(chuàng)新產(chǎn)品和解決方案，以預(yù)防和治療伴侶和農(nóng)場動物的疾病。例如，Advantage™系列跳蚤，蜱蟲和蠕蟲控制產(chǎn)品已成為市場上最成功的產(chǎn)品之一。此外，創(chuàng)新的Seresto™項圈是該領(lǐng)域發(fā)展最快的產(chǎn)品之一。

“我們要感謝所有動物健康員工多年來所做的承諾以及這為拜耳和動物健康業(yè)務(wù)帶來的成功。我們還能夠維護(hù)員工的利益，“鮑曼說。根據(jù)與Elanco的協(xié)議，所有拜耳動物保健員工將至少有一年的就業(yè)保護(hù)，以防止單方面終止，總體上具有類似且不遜色的福利。

美國銀行美林和瑞士信貸擔(dān)任拜耳的財務(wù)顧問，而沙利文和克倫威爾，普華永道法律和linklaters擔(dān)任法律顧問。

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.