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Business

Elan Rejects New Bid From Royalty Pharma

by Rick Mullin
June 17, 2013 | APPEARED IN VOLUME 91, ISSUE 24

The Irish drugmaker Elan has rejected a sweetened takeover bid from Royalty Pharma valued at about $8 billion. In addition, the Irish Takeover Panel has ruled that Royalty’s bid will become null if Elan’s board votes on June 17 to approve four previously announced defensive transactions, including the divestment of Speranza Therapeutics and a $200 million share repurchase. Elan, whose main asset is royalties on the multiple sclerosis drug Tysabri, says it is considering inquiries from other potential buyers. Royalty made its first overture of $6.6 billion in February and upped it to $7.3 billion in April.

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