ELAN acquires PETX for $4.75/sh* (plus a CVR) in all-stock deal—a 38% premium to yesterday’s close: https://finance.yahoo.com/news/aratana-therapeutics-acquired-elanco-animal-102800856.html …upon the closing of the transaction, Aratana stockholders will receive 0.1481 share of Elanco common stock and one contingent value right (CVR) for each share of Aratana common stock. Based on the exchange ratio and the closing prices on April 24, 2019, Aratana's stockholders would receive Elanco shares equivalent to an implied value of $4.75 per Aratana share… The CVR of $0.25 in cash per Aratana share shall be granted to Aratana stockholders as of the closing date and paid if capromorelin achieves certain sales levels on or before the end of 2021. The buyout price (excluding the CVR) is a 21% discount to PETX's 2013 IPO at $6.00 (https://aratana.investorroom.com/2013-06-27-Aratana-Therapeutics-Inc-Announces-Pricing-of-Initial-Public-Offering ). Excluding the CVR, the nominal deal value is $231M. ELAN is the Sep 2018 animal-heath spin-off from LLY (#msg-143668300). *Based on ELAN’s closing price yesterday.