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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 share.Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting at a meeting due to be held on June 17 the series of defensive transactions recently announced by the Irish drug firm.Royalty, which had said on Monday it reserved the right to reduce the acceptance threshold from 90 percent, has described Elan's efforts to reinvent itself through a series of acquisitions and debt deals as hasty and ill-conceived.Elan fought back after its board met to discuss the revised bid on Thursday and said the offer continued to grossly undervalue the company and its future prospects, and urged shareholders to take no action."This offer is no more than an opportunistic attempt to acquire our company at a substantial discount at our shareho...

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  1. EUROPE MARKETS: Europe Stocks Retreat From 2013 High

    European stock markets retreated from a 2013 high on Monday after a mixed bag of Chinese data highlighted growth concerns in the world's second largest economy.A sur...

  2. Late payment costs European companies 350 billion euros

    European companies lost 350 billion euros ($450 billion) last year due to late or unpaid bills, underlining fears that small businesses expected to drive economic re...

  3. 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...

  4. Elan Signs $1 Billion Drug Deal

    Elan Corp. (ELN) Monday said it had reached a $1 billion deal with Theravance Inc. (THRX) for a share in the royalty stream of four respiratory drug programs, as the...

  5. Elan, Theravance Enter Into $1.0 Billion Royalty Participation Pact

    Elan Corporation PLC (ELN) said Monday it and Theravance Inc. (THRX) have entered into a royalty participation agreement wherein Elan will buy a 21% interest in pote...

  6. FDA Approves GlaxoSmithKline's Breo Ellipta to Treat Lung Disease

    The U.S. Food and Drug Administration Friday approved a new drug that will be marketed by GlaxoSmithKline PLC (GSK, GSK.LN) to treat chronic obstructive pulmonary di...

  7. McDonald's Cutting Angus Burger from Menu

    FBN's Jo Ling Kent breaks down mid-afternoon market news.

  8. GSK , Theravance See Breo Ellipta Available in 3Q13 After FDA Approval

    GlaxoSmithKline PLC (GSK.LN) and Theravance, Inc. (THRX) Friday said the U.S. Food and Drug Administration, or FDA, approved Breo Ellipta as an inhaled treatment of ...

  9. FDA OKs GlaxoSmithKline Drug to Treat Lung Disease

    The U.S. Food and Drug Administration Friday approved a new drug that will be marketed by GlaxoSmithKline PLC (GSK, GSK.LN) to treat chronic obstructive pulmonary di...

  10. Companies Serving Consumers in India Are M&A Targets

    Companies serving Indian consumers are attracting billions of dollars in foreign investment even as deals in other parts of the country's economy have nearly stalled...

  11. GlaxoSmithKline Gets 3 Month Extension to Trametinib PDUFA Goal Date

    Research-based pharmaceutical and healthcare company GlaxoSmithKline PLC (GSK.LN) said Wednesday the U.S. Prescription Drug User Fee Act, or PDUFA, goal date for tra...

  12. GlaxoSmithKline Files Drug Application for UMEC in US

    Pharmaceutical company GlaxoSmithKline PLC (GSK.LN) Tuesday announced the submission of a regulatory application in the U.S. for the investigational once-daily medic...

  1. Pfizer takes its shot at a vaccine for evasive superbug

    Kathrin Jansen is a microbiologist with at least two breakthrough vaccines to her name: she brought the cervical cancer vaccine Gardasil to market for Merck and help...

  2. U.S. Gives Glaxo Up To $200 Million for Antibiotic Research

    Concerned about the need to fight antibiotic resistance and possible bioterrorist attacks, the U.S. government will give drug maker GlaxoSmithKline PLC (GSK, GSK.LN)...

  3. GlaxoSmithKline Awarded Up to $200 Million by US to Develop New Antibiotics

    Drug group GlaxoSmithKline PLC (GSK.LN) said Wednesday that it has been awarded up to $200 million by the U.S. government to develop new antibiotics.MAIN FACTS:-Glax...

  4. GlaxoSmithKline Shuts Australia Packaging Site

    GlaxoSmithKline PLC (GSK) said it would close an Australian tablet-packaging facility and lay off 120 workers, joining a string of manufacturers that have shut facto...

  5. GlaxoSmithKline Shuts Australian Tablet-Packing Site

    GlaxoSmithKline PLC (GSK) said Wednesday it was closing an Australian tablet-packaging plant, leading to 120 job losses.The plant in Melbourne makes packaging for re...

  6. C.R. Bard to Pay $48.3 Million to Settle Kickback Case -DOJ

    C.R. Bard Inc. (BCR) has agreed to pay around $48.3 million to resolve whistleblower allegations that it gave kickbacks to doctors and other customers to buy the com...

  7. LONDON MARKETS: GSK , Shell Lead U.K. Stocks To 8th Day Of Gains

    U.K. stocks managed to eke out an eighth straight day of gains on Monday, as Royal Dutch Shell PLC rose after announcing a share buyback and GlaxoSmithKline PLC clim...

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