Elan Puts Itself Up For Sale To Avert Royalty's $8B Hostile Bid

Law360, New York (June 14, 2013, 4:20 PM EDT) -- On the heels of Johnson & Johnson divesting its stakes in Elan Corp. PLC, the Irish company on Friday put itself up for sale as it looks to fend off an $8 billion hostile bid from Royalty Pharma Inc. and strike a better deal.

The move is just the latest in a six-month saga regarding Royalty's play for the Irish biotechnology company, and it comes just a day after a Dublin court gave Royalty some hope that it won't have to withdraw its bid if Elan...
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