MSD Animal Health, a division of global biopharmaceutical company Merck & Co, announced Monday it has signed a definitive agreement to acquire the aquaculture business of Elanco Animal Health for $1.3 billion (€1.2 billion) in cash.

The deal includes Elanco's portfolio of medicines and vaccines, nutritionals and supplements for aquatic species, two related aqua manufacturing facilities in Canada and Vietnam, as well as a research facility in Chile.

The acquisition is expected to be completed by mid-year 2024, subject to approvals from regulatory authorities and other customary closing conditions.