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Game May Not be Over for Royalty Pharma's Bid for Elan Corporation PLC (ELN)


6/28/2013 7:25:07 AM

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The game may not yet be over for U.S investment firm Royalty Pharma in its months-long pursuit of Elan Corp. The Irish drugmaker earlier this month rejected a hostile bid by Royalty worth up to $8 billion. Instead, it put itself up for sale and is in early discussions with several mid-size drugmakers to find a rival buyer.. Mylan Inc, Allergan Inc, Endo Health Solutions Inc and Forest Laboratories Inc are among pharmaceutical companies that have shown preliminary interest in bidding for Elan, according to several people familiar with the matter who wished to remain anonymous because they are not permitted to speak to the media. While all the companies are primarily interested in Elan for the tax savings that come from being domiciled in Ireland, Elan's lack of drug pipeline and high price tag make it a long shot that any bid will materialize, the sources cautioned.

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