Stockholders at Aratana Therapeutics, which makes Galliprant, a canine osteoarthritis NSAID, have approved a takeover bid from Elanco Animal Health.
The companies did not report the current value of the sale, but it was estimated at $245 million when first announced in April 2019.
Besides Galliprant (grapiprant tablets), Elanco will get the canine appetite stimulant Entyce (capromorelin oral solution) and the 72-hour pain-relief drug Nocita (bupivacaine liposome injectable suspension).
Aratana Therapeutics, based in Leawood, Kansas, held a shareholders meeting July 16, during which “99% voted in favor,” the company reported.
The arrangement calls for Aratana stockholders to receive 0.1481 shares of Elanco common stock and one contingent value right (CVR) for each share of Aratana common stock.
The deal will close after undisclosed “conditions of the merger have been satisfied or waived,” Aratana added.
“Aratana’s strong position in the specialty market — with their current portfolio and pipeline — complements Elanco’s field presence and capitalizes on new opportunities for key existing Elanco pet therapy brands,” said Jeff Simmons, Elanco’s president and CEO.
Elanco, whose 2018 sales rose to $3.1 billion, might not be done wheeling and dealing. Numerous media outlets reported that Elanco has engaged in merger talks with Bayer Animal Health.