Elanco Animal Health Incorporated has completed the acquisition of Bayer Animal Health, in a transaction valued at $6.89 billion (£5.29bn).

Jeff Simmons, president and chief executive of Elanco, said the deal expands Elanco’s scale and capabilities, positioning the company for the long term as a leader in the attractive, durable animal health industry.

“Nearly two years into our journey as an independent company, we have made significant progress in creating a purpose-driven, independent global company dedicated to animal health – all while weathering the century’s most significant animal and human health pandemics: African Swine Fever and COVID-19,” he said.

“Delivering on the timely close of the acquisition and bringing momentum into Day 1 in this challenging environment underscores the deep capability and disciplined execution from both companies.”

Mr Simmons said that the milestone is another key step in Elanco’s journey, but he added that, ultimately, today is about improving the lives of animals, people and improving the health of the planet.

“Pets and protein have never been more important,” Mr Simmons said. “Food supply disruptions and increasing unemployment are driving food security challenges around the world.

“At the same time, research shows increased time at home has changed the long-term relationship between pets and their owners, as pets increasingly provide valuable emotional support. We know making life better for animals, simply makes life better.”

Tina Hunt, Elanco’s UK/IE general manager, added: “The new opportunities through the acquisition of so many great products into our portfolio, the new capabilities to drive value for our customers and the new people who join our UK and Ireland team will create a better Elanco to make a difference to animals’ lives and those that care for them.”