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Acquisitions and Divestitures (Tables)
3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Purchase Consideration
Cash consideration (1)
$5,058 
Fair value of Elanco common stock (2)
1,724 
Fair value of total consideration transferred (3)
$6,782 

(1)Includes initial cash consideration of $5,170 million less working capital and tax adjustments of $112 million.
(2)Represents the acquisition date fair value of 73 million shares of Elanco common stock at $23.64 per share. Per the terms of the stock and asset purchase agreement, the number of shares was based on approximately $2.3 billion divided by the 20-day volume-weighted average stock price as of the last day of trading before the closing of the acquisition (but subject to a 7.5% symmetrical collar centered on the baseline share number of approximately $2.3 billion divided by an initial share price of $33.60).
(3)The purchase price is preliminary and subject to certain minor customary purchase price adjustments.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date:

Estimated Fair Value at August 1, 2020
Cash and cash equivalents$169 
Accounts receivable
Inventories487 
Prepaid expenses and other current assets57 
Property and equipment347 
Intangible assets:
Acquired in-process research and development 65 
Marketed products3,930 
Assets held for sale138 
Accounts payable and accrued liabilities(240)
Accrued retirement benefits(217)
Other noncurrent assets and liabilities, net (894)
Total identifiable net assets3,851 
Goodwill2,931 
Total consideration transferred$6,782 
Pro Forma Information
The following table presents the estimated unaudited pro forma combined results of Elanco and Bayer Animal Health for the three months ended March 31, 2020 as if the acquisition of Bayer Animal Health had occurred on January 1, 2020:

Revenue$1,170 
Loss before income taxes
(67)
Divestitures Activities
Assets and liabilities considered held for sale in connection with the above divestiture were included in the respective line items on the consolidated balance sheet as follows:
December 31, 2020
Inventories$
Other intangibles, net
Property and equipment, net— 
Deferred tax asset
Total assets held for sale$