Eli Lilly (NYSE:LLY) will accept ~65M of its common shares held by current investors in exchange for the 293.29M Elanco Animal Health (NYSE:ELAN) shares it owns under its previously announced exchange offer that expired at midnight on March 8. The company says it estimates that 13.2% of the tendered shares will exchanged in the heavily oversubscribed offer.
The company will provide updated guidance reflecting its revised share count on April 30 when it releases Q1 results.
Elanco is now be fully independent.
LLY is down 1% premarket.
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