Shares of Kindred Biosciences (NASDAQ: KIN) soared 46% on Wednesday after the pet-focused biotech company said it agreed to be acquired by Elanco Animal Health (NYSE: ELAN). KindredBio will help to bolster Elanco's pet therapeutic pipeline in fast-growing markets such as dermatology. The combination is also projected to strengthen Elanco's relationships with veterinary clinics.
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