This float has been in the making for a while so it's no...

This float has been in the making for a while so it's no surprise. Elanco has grown so big and complex and has a different market focus to Lilly so it makes a lot of sense. But actions like this also underlines the pressure for raising capital because of the huge average cost of developing new drugs. Big pharma is facing something of a "patents cliff" as a whole lot of patents based on scientific breakthroughs in the middle decades of last century expire allowing the generic manufacturers to step in. This puts small biotech deve;p[ers that successfully develop new drugs, and particularly new classes of drugs, in a strong bargaining position. which is good news for PAA. Cheers