Irish biotech firm Elan rejects new Royalty bid

Irish biotechnology company Elan rejected on Monday the latest takeover bid from US group Royalty Pharma worth about $7.9 billion (6.0 billion euros).

"Elan Corporation plc today announced that its board of directors ... has rejected the revised bid from privately held investment firm Royalty Pharma," it said in a statement.

"The value gap between the underlying value of Elan plc and the totality of its business platform and the Royalty Pharma/Echo bid remains significant," it added.

On Friday, Royalty Pharma had tabled an offer worth up to $15.50 per Elan share, made up of $13.00 in cash and up to $2.50 depending on the performance of its blockbuster multiple-sclerosis drug .

Elan had sold its half of Tysabri in February to US development partner Biogen Idec Inc. for $3.25 billion. The Dublin-based company has retained a royalty stream from sales of the drug.

Royalty's third takeover offer compared with the previous bid of $12.50 per share in cash, worth $6.4 billion. Elan has repeatedly rejected Royalty's approaches.

- Newswires contributed ti this report -

add to favorites email to friend print save as pdf

Related Stories

Judge halts Royalty Pharma's bid for Elan stock

Jun 04, 2013

Irish drugmaker Elan Corp.'s fight against a takeover bid by Royalty Pharma has spilled into U.S. federal court, where a judge has issued a temporary restraining order preventing Royalty from completing its offer to buy the ...

Elan moves to deter takeover bid

Mar 04, 2013

(AP)—Irish drug maker Elan Corp. announced Monday it will pay shareholders a recurring special dividend linked to the sales of the multiple sclerosis treatment Tysabri.

Elan enters $1B royalty deal with Theravance

May 13, 2013

Irish drugmaker Elan Corp. PLC plans to pay $1 billion for the right to future royalties from four respiratory treatments being developed by Theravance Inc. and GlaxoSmithKline.

Recommended for you

Many transplant surgeons suffer burnout

Feb 25, 2015

Despite saving thousands of lives yearly, nearly half of organ transplant surgeons report a low sense of personal accomplishment and 40% feel emotionally exhausted, according to a national study on transplant surgeon burnout

5 tips for handling early-year medical expenses

Feb 25, 2015

The clock on insurance deductibles reset on Jan. 1, and that means big medical bills are in store for some. Patients may be required to pay thousands of dollars before their health care coverage kicks in.

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.