Eli Lilly & Co.'s LLY, -1.14% Elanco Animal Health Inc. ELAN, +0.00% has set terms of its initial public offering, in which the animal health company expects to raise up to $1.45 billion. Elanco said it is offering 62.9 million shares in the IPO, which it expects to price between $20 and $23 a share. That would value Elanco, which will have 356.19 million shares outstanding after the IPO, at up to $8.19 billion. Eli Lilly will own 293.29 million shares. The underwriters of the offering will have the option to buy up to an additional 9.435 million shares to cover over-allotments. If all the options are exercised, Elanco could raise up to $1.66 billion. Elanco's stock will be listed on the New York Stock Exchange under the ticker symbol "ELAN." The lead underwriters are Goldman Sachs, J.P. Morgan and Morgan Stanley. Elanco is looking to go public at a time that Eli Lilly's stock has rallied 23% over the past three months, while the Renaissance IPO ETF IPO, +0.00% has slipped 0.8% and the S&P 500 SPX, -0.50% has gained 4.2%.
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