ESTCHESTER, IL., JUNE 8, 2026 – Ingredion Incorporated (NYSE: INGR) (“Ingredion”), a leading global provider of ingredient solutions to the food and beverage and industrial segments, today announced a recommended all-cash offer for the acquisition of Tate & Lyle PLC (“Tate & Lyle”), a global leader in mouthfeel, sweetening and fortification (the “Acquisition”). The transaction implies a total enterprise value of approximately £3.7B ($5.0B), based on the pound sterling to U.S. dollar exchange rate on June 5, 2026.
The Acquisition represents a compelling opportunity to bring together two complementary businesses with a shared commitment to innovation, customer partnership and scientific excellence. Together, the combined group will be better positioned to help customers address evolving consumer needs by delivering products that are nutritious and affordable, with the taste, texture and quality that consumers expect. By combining complementary ingredient portfolios, technical expertise and geographic supply networks, the Acquisition will accelerate Ingredion’s ongoing transformation and enhance its ability to support customers as they address the trends reshaping the global food and beverage industry.
“Combining Ingredion and Tate & Lyle’s complementary portfolios establishes a global leader in ingredient solutions with the innovation expertise and geographic reach that will help create the future of food,” said Jim Zallie, chairman, president and CEO of Ingredion. “The combined business will be better positioned to serve customers’ needs for the development of great-tasting, healthier and affordable food products that consumers demand. This compelling combination will create exciting new possibilities for employees and generate significant value for all stakeholders.”
Commenting on today’s announcement, David Hearn, Chair of Tate & Lyle said: “Over the last few years, Tate & Lyle has been successfully repositioned as a leading global specialty food and beverage solutions business aligned to growing consumer demand for healthier, more nutritious and sustainable food and drink. I would like to recognise the exceptional contribution of the team at Tate & Lyle for their talent, insight and commitment which has been a key driver of this transformation and the business we have built. Looking forward, we believe the next chapter with Ingredion will create a business with even greater potential, greater scale, and increased investment in innovation in support of customers. The Board of Tate & Lyle believes Ingredion’s offer represents an attractive opportunity for shareholders to crystalise value in cash, and that it will be an excellent steward of Tate & Lyle. The Board therefore unanimously recommends Ingredion’s offer to Tate & Lyle’s shareholders.”
Compelling Strategic Rationale
The Acquisition offers strategic, operational and financial benefits, including:
Bolstering Ingredion’s portfolio and creating significant strategic growth opportunities
Creating a complementary and differentiated portfolio in texture and sugar reduction
Diversifying Ingredion’s global platform with critical scale in North America, Europe and Emerging Markets
Delivering solutions for diverse consumer needs across the value chain
Enhancing IP and technological capabilities to drive innovation
Delivering significant financial benefits and value creation under a prudent financial structure
Transaction Details
Under the terms of the transaction, Tate & Lyle shareholders will be entitled to receive 595 pence per share, representing an approximate 59% premium to Tate & Lyle’s closing share price as of May 13, 2026. In addition, Tate & Lyle shareholders will be entitled to receive a final dividend in relation to the financial year ended March 31, 2026 of no greater than 13.2 pence per ordinary Tate & Lyle share and an interim dividend in relation to the six-month period ending September 30, 2026 of no greater than 6.8 pence per ordinary Tate & Lyle share.
Ingredion intends to finance the Acquisition through a combination of existing cash resources, new debt financing and, to the extent required, a drawdown on a fully committed bridge financing facility. Ingredion expects pro forma net leverage at completion of the Acquisition to be approximately 3.0x net debt-to-adjusted EBITDA (as calculated under Ingredion’s credit agreements). Ingredion remains committed to maintaining a strong investment-grade credit profile and expects to reduce leverage to approximately 2.5x net debt-to-adjusted EBITDA within approximately 18 months following completion of the transaction.
It is intended that the Acquisition will be implemented by means of a court-sanctioned scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006 (the “Scheme”), although Ingredion reserves the right to effect the Acquisition by way of a takeover offer, subject to the consent of the UK Panel on Takeovers and Mergers and the terms of the co-operation agreement between Ingredion and Tate & Lyle.
Timing and Approvals
Completion of the Acquisition is subject to the satisfaction of various conditions, including, among others, approval by Tate & Lyle shareholders, sanction of the Scheme by the High Court of Justice in England and Wales (the “Court”), and the satisfaction or waiver of the antitrust conditions. The transaction has been unanimously approved by Ingredion’s Board of Directors. Tate & Lyle’s Board of Directors intends to recommend unanimously that the Tate & Lyle shareholders vote in favor of the Scheme at the shareholder meetings to be convened by order of the Court for the purpose of, or on any shareholders’ resolutions prepared with respect to, approving the Scheme and related matters.
Ingredion has received an irrevocable undertaking from Huber Equity Corporation to vote in favor of the Scheme at the meeting of Tate & Lyle shareholders and the resolutions to be proposed at the general meeting of Tate & Lyle shareholders (and if Ingredion, with the consent of the Panel and subject to the terms of the co-operation agreement, subsequently structures the Acquisition as a takeover offer, to accept any takeover offer by Ingredion) in respect of a total of 75,000,000 Tate & Lyle Shares representing, in aggregate, approximately 16.8% of Tate & Lyle’s existing issued ordinary share capital as of June 5, 2026.
Completion of the Acquisition is expected to take place in the second half of 2027.
From volatile markets to high input costs, farmers are facing a number of challenges that could be offset by additional markets and revenue streams. Today, we’re joined by Fiber X CEO Dave Skibinski who’s working to give producers exactly that: a new opportunity rooted in the growing demand for natural fiber. Fresh off of a big win at TechPoint’s Mira Awards, Dave shares how FiberX is helping farmers diversify their operations and how agricultural byproducts are enabling the future of the bioeconomy. Highlights include:
From agtech adoption to agronomy, inputs, animal health services and beyond, agricultural cooperatives exist under one common objective: to enable farmer success. For 100 years, Keystone Cooperative has delivered that effort to communities across Indiana, Ohio, Michigan and Illinois, employing more than 1,700 workers and differentiating themselves through service and relationships.
Vice President of Member Engagement and Public Affairs Drew Garretson joins this week to talk about the Keystone Cooperative journey, including their expanded footprint post-merger and the approach they take to ensure they are delivering best-in-class innovation and services to their farmer members.
Highlights include:
WASHINGTON—MAY 19, 2026—The U.S. Department of Health and Human Services (HHS) today announced a $7.5 million investment to expand Americans’ access to high-quality protein, strengthen nutrition security, and reduce food waste nationwide. Through a new agreement with HATCH for Hunger, HHS will support a national initiative to redirect surplus protein to families in need, improve health outcomes, and help reduce the burden of chronic disease. This effort aligns with the Dietary Guidelines for Americans (DGAs), which emphasize the importance of protein-rich foods like meats, eggs, and dairy as part of a healthy diet.
The U.S. Department of Agriculture (USDA) also announced its intent to fund a competitive grant program to strengthen cold chain infrastructure for emergency food assistance operations, including faith-based partners who serve communities in need. USDA will provide up to $7.5 million to help eligible nonprofit organizations safely distribute nutrient-dense proteins such as meat, eggs, seafood, and dairy to Americans in need. Additional information will be forthcoming from the Department.
“Access to real, nutritious food is one of the foundations of good health,” said HHS Secretary Robert F. Kennedy, Jr. “This investment will expand access to high-quality protein, reduce food waste, and help food banks deliver the nutrition families need to prevent chronic disease and live healthier lives. Under President Trump’s Make America Healthy Again agenda, we are putting nutrition back at the center of public health.”
“The 2025 DGAs encourage Americans to Eat Real Food—including nourishing foods harvested and raised by America’s farmers and ranchers,” said USDA Secretary Brooke Rollins. “With this investment, USDA is strengthening the infrastructure that ensures our fresh, high-quality food reaches Americans in need. By expanding cold storage and distribution capacity, we are supporting our producers, reducing food waste, and delivering nutritious food consistent with the Make America Healthy Again agenda.”
“Charitable food networks face an estimated 800-million-pound protein gap every year, driven largely by infrastructure and logistics challenges,” said Jeff Simmons, CEO of Elanco Animal Health and Board Chairman of HATCH for Hunger. “I’m incredibly grateful to HHS and USDA for their efforts to improve accessibility, as well as America’s farmers and the U.S. protein industry for rallying behind this cause.”
Through this joint effort, HHS and USDA are aligning agriculture, nutrition, and public health policy to expand access to fresh, high-quality protein for American families, help prevent chronic disease, and Make America Healthy Again.
INDIANAPOLIS, May 18, 2026 /PRNewswire/ — Elanco Animal Health Incorporated (NYSE: ELAN) today announced the phased launch of Befrena™ (tirnovetmab), a new anti-IL-31 monoclonal antibody (mAb) injection for treatment of canine allergic and atopic dermatitis. The launch comes at a key time, with a longer and more intense allergy season anticipated across the country this year.i With nearly 2 in 3 itchy dogs experiencing worse itch during allergy seasonii, Befrena expands Elanco’s dermatology portfolio by offering a new treatment option that starts controlling allergic itch within 24 hours. By neutralizing IL-31, a key cytokine involved in sending itch signals to the brain, Befrena offers a differentiated 6 to 8 weeks dosing interval, providing veterinarians and pet owners with a new level of convenience and efficacy.
Benefits of Befrena:
Elanco received approval of Befrena from the U.S. Department of Agriculture (USDA) in December 2025, making it the company’s second dermatology product, alongside Zenrelia™ (ilunocitinib tablets), to be approved and launched in the past two years.
Elanco is also now the only pet health company with two USDA approved mAb products – Befrena and Trutect. Trutect is the first and only approved therapeutic solution to treat canine parvovirus.
“The commercial launch of Befrena into the $1.3 billion U.S. canine dermatology marketiii is another exciting milestone in our innovation journey,” said Bobby Modi, Executive Vice President, U.S. Pet Health and Global Digital Transformation. “We are seeing positive results from our Early Experience Program veterinarians who have started using Befrena in their clinics and will continue to increase supply of this new monoclonal antibody, as we scale our bioreactors with the anticipated manufacturing ramp-up.”
Make Best Friends Better – Meet the First Dogs Treated with Befrena
Nearly 9 in 10 dogs in the U.S. are “itchy dogs” according to their pet owners, having experienced symptoms of itch at any point throughout the yearii. Data in Elanco’s America’s Itchy Dogs Report also found that veterinarians say that itchy dog owners wait too long before bringing in their dog, resulting in raw and infected skin and an irritated dog owner who wants their dog to experience relief quickly.ii
As a part of the Befrena Early Experience Program, select veterinarians and veterinary dermatologists have already started using Befrena in their clinics and seen initial improvements in itchy dogs.
Beaux from Austin, TX was the first dog treated with Befrena after experiencing significant hair loss due to his constant itch.
According to Dr. Matt Lane at Liberty Animal Hospital at Beaux’s 3-week checkup appointment, “Beaux is doing amazing, and his owner is excited to see his hair growing back. He stopped itching within 24 hours of receiving the injection and his owner and I are extremely pleased with the results.”
Penelope and Zephyr were also treated with Befrena at Gigi’s Animal Shelter in Columbus, OH. Both dogs experience seasonal allergies that impact their behavior and quality of life and after discussing with their veterinarian both owners chose Befrena to control their dogs’ itch.
“We want to get these dogs relief and make sure they have the most comfortable experience as possible, and I think Befrena shows some real promise for that,” said Dr. Meghan Herron, Senior Director of Behavior, Research, and Education at Gigi’s.
Zephyr’s owner is also a licensed veterinary technician at Gigi’s and helped administer Zephyr’s injection. You can follow along their journey below.
https://elanco.wistia.com/medias/5nbmg3s2hk
“I have been involved with two clinical trials and the Early Experience Program which has shown Befrena to be a highly safe and effective product,” said Dr. Tom Lewis, veterinary dermatologist and founder of Dermatology for Animals, a group of veterinary dermatology clinics committed to caring for pets with allergies. “This will become a very important treatment option for many allergic dogs and I am excited to use Befrena in my clinic.”*
“I’ve used Befrena in a few patients so far and while it’s still relatively early, I’m very optimistic and excited about what’s going to happen with these cases,” said Dr. Jason Pieper, veterinary dermatologist and tenured associate professor of dermatology at Iowa State University College of Veterinary Medicine. “I’ve had several patients respond very well including one unique case that has failed multiple other treatments for atopic dermatitis. And so far, two weeks after receiving Befrena, this dog’s doing quite well, it’s wonderful.”*
Learn more about Befrena and sign up for future news and webinars at www.befrenaforvets.com.
*Drs. Pieper and Lewis are consultants for Elanco.
INDIANAPOLIS (May 19, 2026) — Today, regional leaders introduced BioHeartland, a new shared identity designed to unify and elevate Indiana’s bioscience ecosystem across human health, animal health and plant science.
Developed through a collaborative effort led by the CEOs of Indiana Corporate Partnership (CICP) and its branded initiatives, BioCrossroads and AgriNovus Indiana, in partnership with the Central Indiana Regional Development Authority, BioHeartland was created to give Indiana a more cohesive and unified way to share the state’s story with investors, companies, researchers and talent around the world. For more than a century, Indiana has steadily helped shape global health through leadership in research, development, manufacturing and logistics – inventing, making and moving bioscience solutions at global scale. Today, the state’s bioscience industry generates more than $125 billion in direct economic impact, ranks first in the nation for pharmaceutical and life sciences exports and continues to attract companies, talent and investment at an accelerating pace.
As Indiana competes globally for the next generation of bioscience jobs, companies and innovation, leaders across industry, academia and economic development are coming together around a unified identity for the region’s bioscience ecosystem.
“Indiana is a powerhouse in human, animal and plant biosciences, but our story has not been told with the clarity, consistency or urgency it deserves,” said Melina Kennedy, CEO of the CEOs of Indiana Corporate Partnership. “What makes this region different is not just that we make bioscience solutions, we are also a hotbed of invention and discovery, with the manufacturing strength, logistics infrastructure and collaborative spirit to move innovations into the world. BioHeartland gives us a shared identity to help investors, companies and talent understand the full value of what Indiana offers.”
“Indiana’s life sciences sector has reached a remarkable level of scale because of decades of collaboration across industry, academia, government, philanthropy and investors,” said Vince Wong, president and CEO of BioCrossroads. “BioHeartland helps connect that story across research,
development, manufacturing, talent and entrepreneurship, and gives us a clearer way to show how Indiana’s life sciences ecosystem is producing real results for people here and around the world.”
“Indiana is home to global leaders in human, animal and plant health – a powerful intersection for innovation and our competitive advantage,” said Christy Wright, president and CEO of AgriNovus Indiana. “BioHeartland tells our connected story, showing the state’s ability to bring new solutions to market that address critical needs for farmers, consumers and communities across the world.”
Indiana’s bioscience industry generates more than $125 billion in direct economic impact. The state ranks first in the nation for pharmaceutical and life science exports, and Hoosier inventors have patented more than 13,000 inventions since 2010, nearly three times the national average. Governor Mike Braun has also committed $1 billion over the next decade to grow high wage jobs in agriculture and life sciences, further strengthening Indiana’s position in plant, animal and human health.
“Governor Braun’s $1 billion commitment to creating 100,000 new jobs is a statement to the world: Indiana is planting a flag in the ground as the place for human, animal and plant health,” said David Adams. “The assets are already here — from discovery to delivery — across one connected region. With this announcement, Central Indiana has a unified voice and a stronger platform to compete globally for investment, companies and talent. Now it’s time to tell the BioHeartland story to the world.” The BioHeartland launch also builds on the state’s broader regional growth strategy, including Governor Braun’s designation of CIRDA to help lead and coordinate the next phase of bioscience growth across Indiana.
That economic strength is rooted in a rare concentration of expertise. Indiana is one of the few places in the world where human health, animal health and plant science all operate at scale in the same region. Global companies including Eli Lilly and Company, Elanco and Corteva are headquartered or deeply rooted in Indiana, alongside a growing network of startups, research institutions and advanced manufacturing operations.
“Indiana’s bioscience strength is the result of decades of investment, collaboration, and innovation operating in close proximity,” said David A. Ricks, chair and CEO of Eli Lilly and Company. “Lilly has been a proud part of the BioHeartland story for 150 years, and we’re just getting started.” “Creating BioHeartland further advances the efforts to make Indiana a premiere destination for life sciences talent and innovation,” said Jeff Simmons, president and CEO of Elanco. “We believe BioHeartland will accelerate efforts to build an ecosystem where the next generation of life-changing bioscience innovation will be created. We look forward to contributing to and thriving within this exciting new chapter.”
Indiana’s research universities are also central to BioHeartland’s ecosystem, producing and attracting the talent that powers the region’s innovation pipeline while advancing discoveries that reach patients, farmers and communities around the world. The state is home to four R1 research universities, including the largest medical school in the country.
“BioHeartland reflects Indiana’s extraordinary capacity to develop and deliver bioscience solutions at scale,” said IU President Pamela Whitten. “From our nine campuses to initiatives like the IU Launch Accelerator for Biosciences, Indiana University is proud to contribute to that leadership ecosystem
through research and innovation that’s improving lives and driving economic opportunity across our state.”
“With our strengths in human, animal and plant health research and innovation, Purdue University is deeply connected to this ecosystem,” said Mung Chiang, president of Purdue University. “BioHeartland gives that work a shared identity and a platform to further accelerate innovation in this space in central Indiana.”
The BioHeartland identity also reflects the growing network of innovation districts and bioscience hubs across Central Indiana, including 16 Tech Innovation District, the LEAP Innovation District, the OneHealth Innovation District, and the Fishers Life Sciences and Innovation District. Together, those districts form a connected constellation designed to help ideas move faster from discovery to commercialization by bringing together research, talent, manufacturing capacity and infrastructure.
“Communities across Indiana have spent years investing in life sciences infrastructure and innovation,” said Fishers Mayor Scott Fadness, chair of the Central Indiana Regional Development Authority. “BioHeartland gives the entire region a unified way to tell our story to position ourselves as a life science destination that can compete globally.”
BioHeartland will make its international debut at the BIO International Convention in San Diego, June 22 through 25, where Indiana leaders will introduce the identity to global investors, companies and bioscience partners.
Brand assets, messaging guidance and partner resources are available at INBioHeartland.com
The development and creation of startups and new companies is what allows an innovation ecosystem to thrive. Alloy Partners launched to co-create advantaged startups and venture studios in partnerships corporations and entrepreneurs, melding a future of collaboration between the two. This week, we are joined by One Health Studio Director Ben Lewis to talk market challenges, the studio model and what he sees ahead for the One Health opportunity. Highlights include:
Governor Mike Braun today celebrated a major economic development win as Corteva selected Indianapolis as the global headquarters for its new market-leading crop protection and nature-inspired technologies company, choosing Indiana over multiple competing states. The decision, tied to Corteva’s planned separation into two public companies later this year, deepens an Indiana presence that traces back to 1989.
“Indiana is a global leader in agbioscience – and today’s announcement is just more proof,” said Gov. Braun. “Corteva’s decision to base its global headquarters here reinforces our national reputation as an innovation corridor, nurturing a world-leading bioscience industry that supports hundreds of thousands of Hoosier jobs and generates billions of dollars for the state’s economy. Indiana continues its winning streak.”
Corteva announced last year it would split into two public companies, with the crop protection business retaining the Corteva name. That company, anchored in Indiana, will continue to be a Fortune 500 company with a world-class team of scientists and capabilities, helping farmers solve some of their toughest challenges.
By headquartering in Indianapolis, Corteva taps the full power of Indiana’s biosciences ecosystem, talent, partners and infrastructure, supporting innovation from discovery to delivery. Indiana’s bioscience sector contributes more than $125 billion to the state’s economy. Corteva has publicly stated its future strategy will be built around operational excellence and differentiated innovation, particularly biologicals. Indiana delivers both and now stands at the leading edge of natural and microbial crop innovation worldwide.
“Indianapolis continues to prove we are a city where innovative companies can grow and lead,” said Mayor Joe Hogsett. “Corteva’s continued investment builds on that momentum and reflects the strength of the City’s partnership with the company, our deep talent base and our growing agriculture and innovation ecosystem. We are proud Corteva calls Indianapolis home and proud of what this announcement represents for our city’s future.”
“Corteva has long, proud roots in the state of Indiana, and the employees and management team are pleased to continue to be able to call Indiana home for their groundbreaking innovation,” said Corteva Chair Greg Page, who will also chair the new Corteva after separation. “The Hoosier state is an established leader in global biosciences innovation and the Corteva headquarters will serve as the company’s core research and development hub, driving its impressive pipeline of synthetic, biological, and natural product innovation, while also anchoring Corteva Catalyst, its investment and collaboration platform.”
Corteva’s decision builds on Gov. Braun’s recently announced $1 billion, 10-year life sciences initiative focused on creating 100,000 new jobs within plant, animal and human health.
Community Support:
U.S. Senator Todd Young (R-Ind.)
“I am grateful for Corteva’s continued investment in Indiana and its skilled Hoosier workforce. With today’s exciting announcement, Corteva will remain at the forefront of innovation, drive new research to improve lives, and further demonstrate that our state is a national leader in biosciences.”
Don Lamb, State Director, Indiana Department of Agriculture
“Corteva’s decision to reaffirm Indiana as its global headquarters is a tremendous vote of confidence in our state’s workforce, our research ecosystem, and our long-standing leadership in agriculture and agbioscience. We’re proud that Indiana will continue to be the home base for a company shaping the future of food and farming worldwide. ISDA looks forward to supporting Corteva as it grows, innovates, and continues investing in the communities that make this partnership possible.”
Andrea Richter-Garry, Interim CEO & President, Indy Economic Development
“When a best-in-class global company continues to choose Indianapolis, it says something powerful about who we are and where we are headed. This announcement reflects the strength of a long-standing partnership, the momentum of our growing agriculture and innovation ecosystem, and the confidence global companies continue to place in Indy. Corteva’s decision also reaffirms the strength of our life sciences workforce and the top-tier quality of life Indy provides to retain global talent.”
Christy Wright, President & CEO, AgriNovus Indiana
“Corteva chose Indiana—again. A world leader in crop protection and biologicals is doubling down on this state and its ecosystem to build the natural-products frontier that will define the industry’s next chapter.”
Matt Mindrum, President & CEO, Indy Chamber
“Corteva’s decision to keep and grow its headquarters in Indianapolis is a powerful affirmation of Indy’s position as a global leader in bioscience innovation. This investment reflects the strength of our talent, the depth of our business ecosystem, and the collaborative momentum driving our region forward. Global companies choose to grow where innovation can accelerate, and today’s announcement reinforces that the Indy region is built for bold moves and long-term success.”
