(Reuters) – Eli Lilly and Co <LLY.N> said on Tuesday it would spin off its Elanco animal health business and take it public.

Lilly will offer a stake of less than 20 percent and expects to complete the initial public offering during the second half of the year, the company said in a statement.

(This version of the story has been refiled to correct the second paragraph to say Lilly will offer less than 20 percent, not retain less than 20 percent.)

(Reporting by Tamara Mathias in Bengaluru; Editing by Supriya Kurane)