Irish biotech firm Elan rejects new Royalty bid

June 10, 2013

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 -

Explore further: Judge halts Royalty Pharma's bid for Elan stock

Related Stories

Judge halts Royalty Pharma's bid for Elan stock

June 4, 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 ...

Royalty Pharma raises offer to buy drugmaker Elan (Update)

June 7, 2013
Shares of Elan Corp. PLC jumped Friday after Royalty Pharma once again raised its offer to buy the Irish drugmaker in an increasingly bitter takeover fight.

Royalty Pharma offers to buy Elan for about $6.5B (Update)

February 25, 2013
Royalty Pharma said Monday that it wants to buy Elan Corp. PLC for about $6.5 billion, but has yet to receive a formal response from the Irish drugmaker.

Elan moves to deter takeover bid

March 4, 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.

US approves new multiple sclerosis capsules

March 27, 2013
The U.S. Food and Drug Administration said Wednesday it approved a new drug from Biogen Idec to control multiple sclerosis in adults with hard-to-treat forms of the disease.

Recommended for you

Exploring the potential of human echolocation

June 25, 2017
People who are visually impaired will often use a cane to feel out their surroundings. With training and practice, people can learn to use the pitch, loudness and timbre of echoes from the cane or other sounds to navigate ...

Team eradicates hepatitis C in 10 patients following lifesaving transplants from infected donors

April 30, 2017
Ten patients at Penn Medicine have been cured of the Hepatitis C virus (HCV) following lifesaving kidney transplants from deceased donors who were infected with the disease. The findings point to new strategies for increasing ...

'bench to bedside to bench': Scientists call for closer basic-clinical collaborations

March 24, 2017
In the era of genome sequencing, it's time to update the old "bench-to-bedside" shorthand for how basic research discoveries inform clinical practice, researchers from The Jackson Laboratory (JAX), National Human Genome Research ...

The ethics of tracking athletes' biometric data

January 18, 2017
(Medical Xpress)—Whether it is a FitBit or a heart rate monitor, biometric technologies have become household devices. Professional sports leagues use some of the most technologically advanced biodata tracking systems to ...

Financial ties between researchers and drug industry linked to positive trial results

January 18, 2017
Financial ties between researchers and companies that make the drugs they are studying are independently associated with positive trial results, suggesting bias in the evidence base, concludes a study published by The BMJ ...

Best of Last Year – The top Medical Xpress articles of 2016

December 23, 2016
(Medical Xpress)—It was a big year for research involving overall health issues, starting with a team led by researchers at the UNC School of Medicine and the National Institutes of Health who unearthed more evidence that ...

0 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.