Elan Corporation PLC Spends $380 Million to Repel Royalty Pharma Bid, Eyes More Deals With $1 Billion Warchest
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Elan will still have $1.2 billion of cash left to spend if shareholders approve its first package of acquisitions, and plans to announce more deals in the second half of the year, chief executive Kelly Martin said on Monday. Elan agreed on Monday to buy Austrian rare drug specialist AOP Orphan for 263.5 million euros ($337 million) and pay $40 million for a 48 percent stake in Dubai-based sales and marketing firm Newbridge pharmaceuticals. That followed a $1 billion royalties deal just a week ago as the Irish company looks to fend off a takeover bid from U.S. investment firm Royalty Pharma and reshape its business following a multi-billion dollar drug sale in February. "This isn't the end of the journey, it's the middle phase... We will have north of $1 billion remaining on our balance sheet for additional investments in the next 6-12 months," Martin told Reuters, describing the Royalty bid as "a bit of nuisance".
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Elan will still have $1.2 billion of cash left to spend if shareholders approve its first package of acquisitions, and plans to announce more deals in the second half of the year, chief executive Kelly Martin said on Monday. Elan agreed on Monday to buy Austrian rare drug specialist AOP Orphan for 263.5 million euros ($337 million) and pay $40 million for a 48 percent stake in Dubai-based sales and marketing firm Newbridge pharmaceuticals. That followed a $1 billion royalties deal just a week ago as the Irish company looks to fend off a takeover bid from U.S. investment firm Royalty Pharma and reshape its business following a multi-billion dollar drug sale in February. "This isn't the end of the journey, it's the middle phase... We will have north of $1 billion remaining on our balance sheet for additional investments in the next 6-12 months," Martin told Reuters, describing the Royalty bid as "a bit of nuisance".
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