In a standoff, Royalty Pharma has reiterated its offer to purchase Elan, the Irish pharmaceutical firm on the same terms despite being previously rejected. Royalty said that it was ready for the takeover and could complete its due diligence within twenty (20) days of its approval.
The American investment firm has scheduled meetings with top shareholders of the company, such as Johnson and Johnson as well as other smaller shareholders. This was confirmed by Royalty CEO Pablo Legorreta with Reuters and the meeting would all be completed within the week.
The offer was valued at US$6.6 billion after Elan's announcement that it would be selling fifty percent of its stake in the multiple sclerosis drug Tysabri to its American partner Biogen Idec.
Elan had previously declined the offer and instead enticed its shareholders by adding to share value an ongoing dividend of twenty percent of future royalties from the sale Tysabri. Elan had already laid out plans to return US$1 billion to its shareholders.
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