Royalty Pharma Lobs $6.6B Takeover Bid At Elan

Law360, New York (February 25, 2013, 2:09 PM EST) -- Pharmaceutical investment firm Royalty Pharma LLC has offered $6.6 billion to take over Elan Corp., it said Monday, a proposal that comes after Elan earlier this month agreed to sell a half-stake in its flagship multiple sclerosis drug in a separate multibillion-dollar deal.

The preliminary buyout bid would give Elan investors $11 per share — a 6.3 percent premium over Elan's close Feb.15, the day before New York-based Royalty first approached the Irish drugmaker's board concerning a potential deal.

Royalty said it would back its proposed...
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