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Business
Royalty Pharma Ups Its Bid For Elan
by Rick Mullin
April 22, 2013
| A version of this story appeared in
Volume 91, Issue 16
Royalty Pharma has raised its offer to acquire Elan Corp. to $12.00 per share. The new offer values the Irish drugmaker at $7.3 billion, up from the $6.6 billion Royalty offered earlier this year (C&EN, March 4, page 13). Elan, which called Royalty’s initial offer opportunistic, responded last week that it will “give consideration to any formal proposal by any party.” Elan divested all of its pharmaceutical assets in recent years and now makes money only from royalties. New York City-based Royalty, meanwhile, has made a business of acquiring pharmaceutical royalty interests.
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