6/7/2013 7:10:55 AM
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Royalty Pharma raised its hostile bid for Irish drug firm Elan to a potential $8 billion on Friday, after just 7.5 percent of the target company's shareholders accepted its previous offer.
The U.S. investment firm, seeking to get its hands on Elan's lucrative royalties from multiple sclerosis drug Tysabri, has already had two bids rejected by Elan's board in a battle that has turned increasingly bitter.
Royalty is now offering $13 in cash per share - compared with a previous $12.50 - and added a clause known as a contingent value right that could be worth up to $2.50 per share, it said in a statement.
The CVR payment means Royalty would offer Elan shareholders payouts if Tysabri passed certain sales milestones.
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