Elanco Animal Health ELAN, +1.53% said it's buying Bayer's BAYN, +0.27% animal health business for $7.6 billion. Elanco said it will pay $5.32 billion in cash and $2.
28 billion in stock. Elanco said it intends to fund the cash consideration through a combination of new debt and equity. At close, Elanco expects its gross debt to adjusted EBITDA leverage ratio to be 5x.
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