Covington, MoFo Steer Elanco's $440M Pet Pharma Co. Buy

Law360 (June 16, 2021, 12:42 PM EDT) -- Animal supply company Elanco Animal Health said Wednesday that it will buy California-based veterinary pharmaceutical company Kindred Biosciences Inc. through a $440 million debt-funded deal steered by Covington & Burling LLP and Morrison & Foerster LLP.

Elanco will pay $9.25 per outstanding KindredBio share under the deal terms, according to a joint announcement from the companies. That share price is a 52% premium over the last 30 day's average, the release said. The deal is expected to close in the third quarter of 2021, subject to regulatory approvals.

Acquiring KindredBio will speed up Elanco's expansion in the pet health market and...

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