INDIANAPOLIS, Aug. 20 (UPI) -- Indianapolis pharmaceutical giant Eli Lilly went on a shopping spree Wednesday, closing one major deal and reaching a purchase agreement for Posilac.
Lilly said Elanco, it's animal health division, reached an agreement to buy the dairy cow diet supplement Posilac from Monsanto for $300 million upfront and an undisclosed percentage of sales revenues, the company said.
Lilly will buy the sales force, the product and the Posilac plant in Augusta, Ga., the company said.
"Global dairy demand is increasing, outstripping supply and consumers are seeing rapidly rising prices," said Jeff Simmons, Elanco's president, said in a statement.
Lilly also announced it closed on a $64 million purchase of SGX Pharmaceuticals, Inc. of San Diego
Lilly said it would buy all the outstanding shares of the oncology drug development company for $3 per share. A majority of stockholders at a special meeting approved the transaction and "all other closing conditions have also been met," the company said.
