In the second major pharmaceutical deal of the year, Eli Lilly will pay about $8 billion for Loxo Oncology.
The animal health spinoff is the second major industry player to go public, following Zoetis' successful offering.
Eli Lilly reported a quarterly loss of $260 million and announced plans for an IPO of Elanco by the end of 2018.
Eli Lilly, Mattel, Georgia Power, Pier 1 Imports, Bravo Brio Restaurant Group, Purchasing Power,, White Energy
Smiley takes over from Derica Rice amid a cost-cutting push aimed at freeing up cash for Lilly to invest in developing new drugs.
The drugmaker is seeking to become "a leaner, more nimble global organization" as it invests in a new generation of medicines.
Uber, Eli Lilly, Occidental Petroleum, Dunkin' Brands, Cloudflare, American Express Business Travel, Neiman Marcus, Proterra, Knoll, Tivity Health
Drugs such as the diabetes treatment Trulicity "led the company to a strong quarter of volume-driven revenue growth."
The deal will diversify Lilly's Elanco animal medicine business, adding vaccines for rabies and other feline and canine illnesses.
Despite the hullabaloo about health-care reform, investors still reward revenue growth by pharmaceutical companies. But that growth requires organic and acquisitive reinvestment.
