Deals
Lilly's Elanco Rises After $1.5 Billion Animal-Health IPO
- Animal-medicine maker’s shares gain as much as 38% in debut
- Elanco must make case it can improve its profit margin
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Elanco Animal Health Inc.’s shares jumped as much as 38% in its first day of trading after its $1.5 billion initial public offering.
The Eli Lilly & Co.-owned animal medicine maker rose to $32.11 from its $24 offering price at 11:40 a.m. Thursday in New York trading, giving it a market value of $11.7 billion. It rose as high $33.20 before settling. Elanco priced 62.9 million shares on Wednesday, after marketing them at $20 to $23 each.