Lilly Files Elanco IPO Registration

Elanco is headquartered in Greenfield.

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Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has taken the next step in the planned spin off of Greenfield-based Elanco Animal Health. The company has filed a registration with the U.S. Securities and Exchange Commission for an initial public offering.

The offering is expected to represent a less than 20 percent ownership stake in Elanco. The company has not yet announced the price range and number of shares to be offered.

Lilly last week announced plans to spin off Elanco with an IPO by the end of the year. At the time, Lilly CEO Dave Ricks said the move will allow Lilly "even greater focus on our human pharmaceutical business." The decision came after completing a review of options involving the animal health company that began a year ago.

In an interview with Inside INdiana Business last week, University of Indianapolis Associate Professor of Finance Matt Will called the decision "long overdue," saying it had the potential to "unleash" Elanco to have more financial success.