Corrected: Eli Lilly to take animal health unit public

(Corrects second paragraph to say Lilly will offer less than 20 percent, not retain less than 20 percent)

(Reuters) - Eli Lilly and Co 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.

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