Elan Is For Sale As Deals Collapse

Elan’s shareholders have shot down deals that the Irish company hoped would rebuild its operations. By wide margins, they voted against three initiatives: investing $1 billion in Theravance in return for drug royalties, purchasing AOP Orphan Pharmaceuticals for $690 million, and creating Speranza Therapeutics to develop a late-stage neurology drug. However, by a margin of just 0.2%, shareholders upheld a $200 million share repurchase program, a vote that caused an $8 billion takeover bid from Royalty Pharma to lapse. Elan has now put itself up for sale and, after fighting off Royalty for five months, has invited the firm and others to present new offers.