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Animal health giant Elanco to acquire Aratana Therapeutics

Sarah Toy

Shares of Aratana Therapeutics shot up 39% in premarket trade on Friday after Elanco Animal Health announced it would be acquiring the pet therapeutics company in a deal worth up to $245 million. For each share of Aratana, shareholders will receive 0.1481 shares of Elanco stock and one contingent value right of 25 cents that will be paid upon meeting certain sales goals. The deal is expected to close by mid-year, the companies said. Shares of Elanco fell 0.7% in premarket trade but are up 2.7% in the year to date, while the S&P 500 is up 16.7%.