A subsidiary of pharmaceutical giant Eli Lilly completed its acquisition of Monsanto's dairy cow supplement and the plant in Augusta that makes it.
Elanco officials said Wednesday that their company had completed its $300 million deal for Posilac, a man-made copy of a natural protein produced in all cattle that helps cows produce milk.
The plant on Lovers Lane will continue to operate and with no employment changes, said Elanco spokeswoman Joan Todd.
"We have a great team and terrific people in place. We're pleased with the reception we got down there," she said.
About 200 people work in the facility.
The deal involved $300 million up-front and "contingent consideration." Ms. Todd said the additional compensation to Monsanto is not being revealed.
Elanco had been making a generic version of Posilac for the past decade -- but only for international sale -- from a facility in Greenfield, Ind., east of Indianapolis.
Monsanto wanted to sell the rights to the product so it could concentrate on its core business, crops and herbicide.
Bovine somatotropin is a natural protein in all cattle that helps cows produce milk. Posilac, the man-made version, was approved by the U.S. Food and Drug Administration 14 years ago.
"Our entire Elanco dairy team is thrilled to be the steward of this vital technology and already is hard at work to make this business transition seamless for the dairy producers who use Posilac," said Roy Riggs, the director of Elanco's dairy business unit.
The deal took five weeks to complete.
Elanco employs more than 2,000 people worldwide and has offices in more than 30 countries. The company also makes animal health products.
NEWS OF THE PLANT SALE WAS POSTED ON AUGUSTACHRONICLE.COM AT 4:50 P.M. WEDNESDAY.
Reach Tim Rausch at (706) 823-3352 or email@example.com.