Elanco Animal Health opened its new global headquarters Wednesday. State and local leaders attended a ribbon-cutting event and said the project could be a catalyst for the health industry and innovation in Indiana.

The state announced Monday it finalized the sale of the old GM Stamping Plant site to Elanco Animal Health for $27 million.

The Henry Street bridge will connect neighborhoods and span the White River at a key site in downtown Indianapolis.

Elanco Animal Health has unveiled plans for its new global headquarters on the site of the former GM Stamping Plant.

The recently announced global headquarters will consolidate Elanco's operations from around the world to the westside of Indianapolis.

Elanco was spun off from the Indianapolis drugmaker Eli Lilly and Co. It makes antibiotics and feed additives for livestock and flea and heartworm treatments for pets.

Indiana-based Elanco Animal Health is set to become the second largest animal health company in the world. The company announced the $7.6 billion agreement with Bayer Tuesday.

The company expects to complete the IPO by the end of this year and divest its remaining stake in the business possibly by next year.

If Eli Lilly and Co. officials were to sell or spin off Elanco Animal Health, there's no guarantee the operation would remain in the city.