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Mar. 7, 2024 Source: Elanco news release GREENFIELD, Ind. - Elanco Animal Health Incorporated (NYSE: ELAN) today issued the following statement in response to the submission of four nominees to the Company's Board of Directors by Ancora Holdings Group, LLC ("Ancora"): The execution of Elanco's Innovation, Portfolio and Productivity strategy, led by CEO Jeff Simmons, is working. Elanco has returned to growth and is progressing a robust and innovative pipeline that will generate further growth. Elanco's commitment to the continued development of a strong and sustainable innovation pipeline is a multi-year process which is key to the Company's future success. Importantly, shareholders have been rewarded. Elanco stock is up 39% over the past year, reaching a 52-week high earlier this week and significantly outperforming its peers.1 The executive team and Board of Elanco welcome engagement with our shareholders and suggestions for improving the Company's strategy and execution. Ancora has asked for just two meetings with the Company and the Company actively engaged with Ancora in both of those meetings. Since revealing its candidates in writing two weeks ago, Ancora has refused to allow the Elanco Board to meet those candidates. Instead, Ancora has demanded that the Board agree to add three of Ancora's candidates, sight unseen, to the Elanco Board and to significantly overhaul the leadership of the Board and the Company. Our interest in meeting with their candidates still stands. Elanco has taken decisive actions to improve performance. Leadership has strengthened the Company's focus through the sale of the aqua business, which will also enable Elanco to reduce leverage, and has announced a resource restructuring to shift investments into more significant value creation areas. Elanco has also taken action to meaningfully enhance our corporate governance and shareholder rights. The leadership team is concentrated on minimizing any distractions and executing actions that we believe are in the best interest of all shareholders. Spotlight Advisors is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Elanco Animal Health. About Elanco Elanco Animal Health Incorporated (NYSE: ELAN) is a global leader in animal health dedicated to innovating and delivering products and services to prevent and treat disease in farm animals and pets, creating value for farmers, pet owners, veterinarians, stakeholders and society as a whole. With nearly 70 years of animal health heritage, we are committed to helping our customers improve the health of animals in their care, while also making a meaningful impact on our local and global communities. At Elanco, we are driven by our vision of Food and Companionship Enriching Life and our Elanco Healthy Purpose™ Sustainability Initiatives - all to advance the health of animals, people, the planet and our enterprise. Learn more at www.elanco.com. Tweet |
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