DUBLIN – Elan shareholders approved a share buyback on Monday, meaning U.S.-based Royalty Pharma's hostile bid for the Irish drug firm will lapse unless a legal challenge it has mounted succeeds.
Royalty last month made its takeover offer conditional on shareholders rejecting four resolutions at a meeting on Monday. It won an Irish court injunction against a regulator last week, allowing it to appeal against a ruling that it cannot change the conditions attached to its offer.
Shareholders rejected Elan's proposed $1 billion royalties deal with U.S. company Theravance Inc , the purchase of a private drug firm and a drug spin-off in a major blow to the company's plans. Elan put itself up for sale on Friday.
(Reporting by Padraic Halpin; Editing by Anthony Barker)