Elanco Animal Health Incorporated announced that as of 5:00 p.m., New York City time, on April 11, 2022 (the “Early Tender Time”), holders of approximately $406,391,000 aggregate principal amount, or approximately 54.19% of the outstanding principal amount, of its outstanding 4.272% Senior Notes due 2023 (the “Notes”) had tendered their Notes pursuant to Elanco's previously announced tender offer (the “Offer”). Elanco also announced that it has increased the tender cap from $250,000,000 aggregate principal amount of the Notes to $406,391,000 aggregate principal amount of the Notes (the “Tender Cap”). The complete terms and conditions of the Offer are detailed in Elanco's Offer to Purchase, dated March 29, 2022.

Elanco currently expects that on April 13, 2022, it will accept for payment, subject to the conditions set forth in the Offer to Purchase, all of the Notes validly tendered on or prior to the Early Tender Time. Upon early settlement, each holder who validly tendered its Notes on or prior to the Early Tender Time will receive the “Total Consideration” of $1,035 per $1,000 principal amount of Notes tendered, which includes the “Tender Offer Consideration” of $1,005 per $1,000 principal amount of Notes tendered and accepted for payment and the “Early Tender Payment” of $30 per $1,000 principal amount of Notes tendered and accepted for payment. In addition, accrued interest up to, but not including, the payment date of the Notes will be paid in cash on all validly tendered and accepted Notes.

Except with respect to the increase in the Tender Cap, all the conditions set forth in the Offer to Purchase remain unchanged. If any of the conditions are not satisfied, Elanco may terminate the Offer and return tendered Notes not previously accepted. Elanco has the right to waive any of the foregoing conditions with respect to the Notes and to consummate the Offer.

In addition, Elanco has the right, in its sole discretion, to terminate the Offer at any time, subject to applicable law.