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Elan Rejects Latest Royalty Pharma Approach

Elan Corp. (ELN, DRX.DB) Thursday rejected the most recent approach by New York-based pharmaceutical investor Royalty Pharma AG, which values the company at around $6.4 billion.Elan's rejection of Royalty's approach is the latest salvo in a struggle over the Dublin-based drug company that began after Royalty, which invests in royalty streams from drugs, made its initial approach in February.Royalty's first approach came shortly after Elan sold its only revenue-producing drug, and amid questions about the company's future shape, focus and revenue profile. Its most recent approach for Elan came Monday, the same day Elan announced a string of transactions designed to rebuild its business and secure its independence.In a statement Thursday, Elan said Royalty's most recent $12.50 a share offer "substantially undervalues" the company.Elan Chairman Robert A. Ingram said the offer was "an opportunistic attempt to acquire our company at a substantial discount at our shareholders' expense."Elan'...

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  11. Elan Board Rejects Royalty Pharma Takeover Bid

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  1. Dissident Holder First Manhattan Adds Three to Vivus Board Slate

    Dissident Vivus Inc. (VVUS) shareholder First Manhattan Co. nominated three more director candidates following the drug maker's expansion of its board size.Vivus rec...

  2. Elan rejects Royalty's $6.4 billion raised offer

    Elan rejected Royalty Pharma's increased $6.4 billion bid on Thursday, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one...

  3. Royalty Pharma Lowers Acceptance Threshold For Elan Offer

    Royalty Pharma AG, the New York-based pharmaceutical investor bidding around $6.4 billion in cash for drugmaker Elan Corp. (ELN) Thursday said it was lowering the th...

  4. Dissident Holder First Manhattan Adds 3 to Vivus Board Slate

    Dissident Vivus Inc. (VVUS) shareholder First Manhattan Co. nominated three more director candidates following the drug maker's expansion of its board size.Vivus rec...

  5. Royalty Pharma Raises Takeover Bid for Elan

    U.S. pharmaceutical investor Royalty Pharma on Monday raised its multibillion-dollar takeover bid for Dublin-based Elan Corp. (DRX.DB, ELN) by 11% to $12.50 a share ...

  6. Elan Sets Out Deal Plans

    Elan Corp. PLC (DRX.DB) Monday shed further light on plans to rebuild its business and secure its long-term future, three months after selling off its only drug in p...

  7. Elan's $1 billion drug royalty deal aids bid defense

    Irish drugmaker Elan Corporation has agreed a $1 billion royalties deal that could soothe concerns about its potentially risky acquisition strategy and fend off a ta...

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