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$ELN Rejects Royalty Pharma’s Bid as Other Offers Arise

“The board of directors of the Irish drugmaker Elan Corp. PLC on Monday rejected an increased offer from Royalty Pharma and says it has received unsolicited interest from other parties it didn’t name.

Royalty’s latest offer last week was for $13 per share plus up to $2.50 per share in payments based on performance milestones. That offer totaled about $7.76 billion not counting the milestone payments.

Royalty previously offered $12.50 per share for Elan and was rejected. Elan also has gone to court to block the bid.

Royalty, based in New York, is a privately held company that buys royalty interests in drugs….”

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