The pet health business is big business. And one of its biggest players just got bigger. Greenfield, Indiana-based animal health company Elanco, formerly a division of Eli Lilly, has bought the animal health division of German conglomerate Bayer AG for $7.6 billion, making Elanco the second-largest player in the lucrative field with 13% market share, according to The Wall Street Journal. 

Elanco was represented by Paul, Weiss, Rifkind, Wharton & Garrison and Frankfurt, Germany-based Hengeler Mueller.