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FTC Approves Final Order Requiring Animal Health Product Suppliers Elanco Animal Health, Inc. and Bayer Animal Health GmbH to Divest Assets in Three Product Markets as a Condition of Acquisition

Following a public comment period, the Federal Trade Commission has approved a final order settling charges that animal health products supplier Elanco Animal Health, Inc.’s proposed $7.6 billion acquisition of Bayer Animal Health, Inc. would likely be anticompetitive.

According to the complaint, which was first announced in July, the proposed acquisition likely would harm U.S. competition in three markets: low-dose prescription treatments for canine otitis externa, an inflammation of the outer ear in dogs; fast-acting oral treatments that kill adult fleas on dogs; and brand-name cattle pour-on insecticides.

The final order requires Elanco to divest its canine otitis externa treatment, Osurnia, to Dechra Limited; its fast-acting oral treatment that kills adult fleas on dogs, Capstar, to PetIQ, LLC; and its brand name cattle pour-on insecticide, StandGuard, to Neogen Corporation. Each divestiture requires Elanco to transfer all intellectual property and other related assets to the respective buyer.

The Commission vote to approve the final order was 4-0-1. Commissioner Rebecca Kelly Slaughter did not participate.

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