This Acquisition Could Open a Whole New Market to Elanco

Elanco Animal Health (NYSE:ELAN) just announced another acquisition after its deal to acquire Bayer Animal Health last year. This time, the animal health company is purchasing Kindred Biosciences (NASDAQ:KIN) for $440 million. Kindred focuses on dermatology treatments for dogs and cats. Elanco doesn't have a dermatology portfolio today, and management hopes this acquisition can catapult it into a growing new area of pet healthcare.