Elanco Animal Health Incorporated (NYSE:ELAN) has successfully completed the sale of its aqua business to Merck Animal Health (NYSE:MRK) for approximately $1.3 billion in cash.

This transaction, which resulted in net proceeds ranging between $1.05 billion and $1.1 billion, is set to significantly bolster Elanco’s financial stance by enabling debt reduction in the third quarter of 2024.

The divestiture is part of Elanco's strategy to focus more intensely on pet health and livestock sustainability.