August 1, 2020

Milbank Advises Debt Financing Sources in the Approximately $5B Financing of Elanco’s Acquisition of Bayer AG’s Animal Health Business


Milbank LLP represented Goldman Sachs Bank USA as term loan administrative agent and collateral agent, JPMorgan Chase Bank, N.A. as revolver administrative agent, and Goldman Sachs Bank USA, Citigroup Global Markets, Inc., JPMorgan Chase Bank, N.A., Barclays Bank PLC, BofA Securities, Inc., BNP Paribas Securities Corp., Mizuho Securities USA, LLC, MUFG Securities Americas Inc. and Stifel, Nicolaus & Company as arrangers in connection with the financing of Elanco Animal Health Incorporated’s (“Elanco”) acquisition of Bayer AG’s (“Bayer”) animal health unit. The transaction closed on August 1, 2020.

Elanco is a global leader in animal health, delivering products and services to prevent and treat disease in farm animals and pets. The acquisition of Bayer’s animal health unit provides Elanco with expertise in retail and consumer marketing, as well as strengths in sterile injectable products and well-known pet products.

The Milbank New York Global Leveraged Finance team was led by partner Lauren Hanrahan and included associates Christopher Kwan, Alexis Soshnick, Ben Eisenstein, Eliza Biswas and Jenny Saufley. The Milbank Frankfurt team was led by partner Mathias Eisen and included associates Odilo Wallner, Gerrit Merkel and Sebastian Trompler. The Milbank London team was led by partner Sarbajeet Nag and included associate Sarah Findlay.