(Corrects second paragraph to say Lilly will offer less than 20 percent, not retain less than 20 percent)
(Reuters) - Eli Lilly and Co said on Tuesday it would spin off its Elanco animal health business and take it public.
Lilly will offer a stake of less than 20 percent and expects to complete the initial public offering during the second half of the year, the company said in a statement.
(Reporting by Tamara Mathias in Bengaluru; Editing by Supriya Kurane)
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