Royalty Pharma lets Elan takeover bid expire
Source: AP-Excite
By TOM MURPHY
Royalty Pharma has let its latest takeover bid for Irish drugmaker Elan lapse as it decided against pressing ahead with a court challenge of a requirement that it withdraw the offer.
Royalty offered earlier this month to pay $13 per share for each Elan share plus up to $2.50 per share in payments based on performance milestones. That totaled about $7.76 billion not counting the milestone payments.
An Irish Takeover Panel required Royalty to withdraw that offer if Elan's shareholders approved a stock buyback, which they did in a vote announced Monday. New York-based Royalty had planned to challenge the takeover panel's requirement in court, but it said Tuesday it withdrew the judicial review request.
Elan is exploring a sale of the company, and it has said Royalty can participate in its formal sale process.
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