Royalty Pharma Drops $8B Hostile Bid For Elan

Law360, New York (June 18, 2013, 8:48 AM EDT) -- Royalty Pharma Inc. has walked away from a hostile $8 billion bid for Irish drug company Elan Corp. PLC, on Tuesday dropping a legal appeal that might have kept it alive.

New York-based Royalty had made its offer conditional on Elan shareholders rejecting all proposals at a meeting Monday, including a $200 million stock buyback and three acquisitions that together would have set Elan on a new, independent path.

But investors approved one of the four resolutions, the share buyback, by a slim margin. Royalty's last...
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