Eli Lilly & Co. has announced that it is reviewing strategic alternatives for its Elanco Animal Health business, including an initial public offering (IPO), merger, sale or Lilly’s retention of the Elanco business.

"Today, we are announcing a strategic review of our Elanco Animal Health business,” Eli Lilly & Co. chief executive officer and chairman Dave Ricks said. “Elanco has developed into a premier animal health company and has been an important growth driver and source of revenue diversification for Lilly. Through acquisitions and organic growth, we’ve grown Elanco to a size and scale that now allows us to consider a variety of options to maximize future value.”

“Elanco has a proven track record since its creation in 1954,” Elanco president Jeff Simmons said. "Over the past decade, a balanced strategy of innovation, geographic expansion and very intentional acquisitions has made us a much stronger company, with an attractive product portfolio and a more diverse, higher-quality business. We believe that the outcome of a strategic review may result in more value and further enable Elanco’s top-tier leadership in animal health."

Recent acquisitions, including Novartis Animal Health and Boehringer Ingelheim Vetmedica’s U.S. vaccines portfolio, have expanded Elanco's product offerings across both companion and food animal segments and knowledge services, the company said in making its announcement. It also noted that, during this review period, it remains committed to its customers in providing products, service and value.

Elanco, headquartered in Greenfield, Ind., now operates in more than 70 countries through 6,500 employees worldwide.