Watch out for clawback provisions. Elanco Animal Health, which spun out of Eli Lilly last fall, announced the acquisition on Friday of Aratana Therapeutics, a biotech focused on developing dog and cat medicine, in a stock deal valued at about $234 million, or $4.75 a share. Aratana shareholders may get additional payouts based on sales milestones. The company’s drugs include treatments for osteoarthritis, weak appetites and pain relief after surgery.

Source: Wall Street Journal April 27, 2019 14:03 UTC