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Eli Lilly acquires dairy supplement businessElanco, a division of Eli Lilly and Company announced that Lilly has signed an agreement to acquire the worldwide rights to the dairy cow supplement, Posilac (sometribove), as well as the product's supporting operations, from Monsanto Company. "Global dairy demand is increasing, outstripping supply, and consumers are seeing rapidly rising prices," said Jeff Simmons, president, Elanco. "With the purchase of Posilac, Elanco can enhance its overall product portfolio and work together with the industry to provide dairy farmers more options and give consumers affordable choices. Critically, we remain focused on the health and care of the cow in working with farmers to increase global milk supply." Elanco has exclusively sold sometribove outside of the United States for a decade. Posilac has been safely used for more than 14 years. Under the terms of the agreement, Lilly will acquire all rights to the Posilac brand, as well as the product's U.S. sales force and its manufacturing facility in Augusta, Ga. In return, Monsanto will receive a $300 million upfront payment, as well as contingent consideration. The Posilac dairy business manufacturing and sales teams will be integrated into the Elanco business. The transaction is expected to close near the beginning of the fourth quarter of 2008, contingent upon clearance under the Hart-Scott-Rodino Anti-Trust Improvements Act and other customary closing conditions. Lilly confirmed that the acquisition will not result in a change to the company's full-year 2008 financial guidance, as detailed in its second quarter 2008 financial results press release issued July 24. 9/8/08 Date: 9/4/08
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