Lilly's (LLY) Subsidiary Elanco Animal Health's (ELAN) IPO Prices at $24/Share

Elanco Animal Health Incorporated, a subsidiary of Eli Lilly and Company (NYSE: LLY), announced today the pricing of its initial public offering (IPO) of 62.9 million shares of its common stock at a price to the public of $24.00 per share. The shares are expected to begin trading on the New York Stock Exchange (NYSE) on September 20, 2018 under the ticker symbol “ELAN.” The offering is expected to close on September 24, 2018, subject to customary closing conditions.

Elanco has granted the underwriters a 30-day option to purchase up to 9.435 million additional shares of common stock at the initial price to the public less underwriting discounts.

Following the IPO, Lilly is expected to hold approximately 82.3% of Elanco (80.2% if the underwriters' option to purchase more shares is exercised in full). The net proceeds from the IPO, net of certain amounts to be retained by Elanco, will be paid to Lilly as partial consideration for the animal health businesses that Lilly is transferring to Elanco in connection with the IPO.

Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley are joint lead book-running managers for the offering. Barclays, BNP Paribas, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Evercore ISI and Cowen are book-running managers for the offering.

The offering will be made only by means of a prospectus.

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