---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-078464"
form_type: "8-K"
ticker: "ELAN"
cik: "0001739104"
company_name: "Elanco Animal Health Inc"
filed_at: "2024-07-09T23:59:59+00:00"
generated_at: "2026-05-31T22:38:04.152900+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Elanco completes sale of aqua business to Merck for ~$1.3B; debt reduction plan outlined

## Summary
- Sale to Merck closed July 9 for ~$1.3B cash; net proceeds ~$1.05-1.1B for Q3 debt paydown.
- Expected total debt paydown of ~$1.3-1.4B in 2024 from sale proceeds and base business cash flow.
- Net debt to adjusted EBITDA target: mid-4x at 2024 year-end; improving to high-3x to low-4x in 2025.
- Divestiture focuses Elanco on pet health and livestock; CFO cites three quarters of underlying revenue growth.
- Additional financial outlook impact to be provided on Q2 2024 earnings call in August.

## SEC filing metadata
- accession: 0001104659-24-078464
- form_type: 8-K
- ticker: ELAN
- cik: 0001739104
- company_name: Elanco Animal Health Inc
- filed_at: 2024-07-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1739104/000110465924078464/0001104659-24-078464-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1739104/000110465924078464/tm2419092d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-078464
- JSON: https://secwatch.observer/filing/0001104659-24-078464.json
- Plain text: https://secwatch.observer/filing/0001104659-24-078464.txt

## Key facts
- M&A Transactions
  Elanco Animal Health Inc completed a disposition involving Intervet International B.V. for approximately $1.3 billion in cash (closed 2024-07-09).
  - Action: disposition
  - Counterparty: Intervet International B.V.
  - Consideration: approximately $1.3 billion in cash
  - Closing: 2024-07-09
  source text: On July 9, 2024, Elanco, Buyer and their applicable affiliates consummated the Transaction. The purchase price was approximately $1.3 billion in cash, subject to customary post-closing adjustments set forth in the Purchase Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1739104/000110465924078464/0001104659-24-078464-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.