Elan rejects Royalty bid, to evaluate other offers

The board of directors of the drugmaker Elan Corp. PLC has rejected an increased offer from Royalty Pharma and says it has received unsolicited interest from other parties it didn't name.

Royalty's latest offer last week was for $13 per share plus up to $2.50 per share in payments based on performance milestones. That offer totaled about $7.76 billion not counting the milestone payments.

Royalty previously offered $12.50 per share for Elan and was rejected. Elan also has gone to court to block the bid.

Royalty, based in New York, is a privately held company that buys royalty interests in drugs.

Elan also says Monday that it will evaluate other inquiries about the company and has hired Citigroup to coordinate discussions of whether those proposals fully value the company.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-06-10-Elan-Royalty%20Pharma/id-61c3a0e2c04349f29b449ba13f107685

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