Ann: Final Report delivered under Option Agreement, page-148

It would seem to me that given Elanco's position (world's No 2 animal health company) they can not afford NOT to take up the option. Are they prepared to pass on MPL and allow the opposition to do a deal with PAA. To me the question now is how much is the royalty and other payments worth and is PAA in a good position (right people etc) to negotiate the best deal for shareholders?

“The combination with Elanco will give rise to a leading competitor in the animal health industry, benefiting customers, employees and shareholders alike,” he said.The acquisition will also add additional bench strength and scale to Elanco’s world-class R&D team. Buying the Bayer division will significantly bulk up Elanco’s pet business"