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Bayer Raises $1.6 Billion by Selling Most of Stake in Elanco

Bayer AG raised $1.6 billion by selling most of its stake in Elanco Animal Health Inc., shoring up cash as the German drugmaker faces legal bills over the weedkiller Roundup.

Bayer said Tuesday it sold 54.5 million Elanco shares at $30.25 each in a placement. Bayer has given the underwriters a 30-day option to purchase as many as 8.175 million more shares at the same conditions.