News Summary: Royalty Pharma lets Elan bid expire

News Summary: Royalty Pharma lets takeover bid for drugmaker Elan expire

Associated Press

TAKEOVER UPDATE: Royalty Pharma said Tuesday it 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.

THE DETAILS: Royalty had 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.

WHAT'S NEXT: Elan is exploring a sale of the company, and it has said Royalty can participate in its process. A Royalty spokesman declined to say whether the New York company will consider another offer.

Sorry you didn't like this comment. Please provide a reason below.

Are you sure?
Rating failed. Try again.
Request failed. Try again.
We will promote constructive and witty comments to the top, so everyone sees them!
Sorry, we can’t load comments right now. Try again.