Elan Withdraws Irish Bid To Block Royalty Takeover

Law360, New York (June 5, 2013, 4:17 PM EDT) -- Royalty Pharma Inc. said Tuesday that Elan Corp. PLC has withdrawn a suit it filed the previous day in Ireland seeking to block Royalty's $6.3 billion hostile tender offer, blasting the Irish drugmaker for "deplorable" conduct in its attempts to fight off the takeover.

Elan won injunctions in New York and Ireland courts Monday temporarily halting Royalty's takeover attempt. But at a hearing of the Irish High Court on Tuesday, the court confirmed that the Irish Takeover Panel was the proper forum to hear the matter,...
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