Eli Lilly plans to buy Johnson & Johnson’s animal health unit for an undisclosed sum to bolster Lilly’s presence in Europe, signalling further consolidation in the business.

Sales from Lilly’s Elanco animal health business, from pet medicines to drugs and food additives for farm animals, jumped 15 per cent to $1.4 billion last year.

They accounted for about 6 per cent of company revenue and far outpaced growth of Lilly’s core prescription-drugs business.

Lilly is hoping Elanco, the world’s fourth-biggest animal health business, will remain a bright spot in coming years as many of the Indianapolis-based drugmaker’s top prescription drugs face plunging sales due to generic competition.