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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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  1. 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...

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    Regeneron Pharmaceuticals Inc.'s (REGN) stock price tripled last year, and the compensation of co-founder and Chief Executive Leonard Schleifer nearly did, too.Mr. S...

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