Royalty Keeps Pushing $6.6B Buyout Despite Elan's Refusal

Law360, New York (March 6, 2013, 1:23 PM EST) -- New York investment firm Royalty Pharma LLC on Wednesday reaffirmed its spurned $6.6 billion takeover offer for Irish life sciences firm Elan Corp., saying it had planned talks with several of its target's biggest shareholders in an effort to sell them on the bid.

The wannabe buyer did not say which investors it had slated for meetings, only that there were “a number” of them. Among Elan's largest backers are pharmaceutical and consumer goods giant Johnson & Johnson, asset manager Invesco Ltd. and Fidelity Management's investment-adviser...
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