5/21/2013 7:35:56 AM
Staying up-to-date has never been simpler. Sign up for the free GenePool newsletter today!
Royalty Pharma, an investor in royalty streams from pharmaceuticals, raised its offer to buy Elan Corp. (ELN) by 12 percent to $6.4 billion after the Irish drugmaker made acquisitions to boost revenue and resist the bid. The all-cash offer of $12.50 per American depositary receipt is higher than a previous bid of $11.25 per ADR and compares with the $11.67 closing price on May 17. Pablo Legorreta, Royalty’s founder and a former Lazard banker, is pursuing the Dublin-based company after Elan Chief Executive Officer Kelly Martin, a former Merrill Lynch & Co. banker, initially offered to buy Royalty. Elan’s board, which unanimously rejected New York-based Royalty’s previous takeover bid on April 22, will assess today’s announcement and advise shareholders, the company said today in a statement. “In the meantime, Elan shareholders are strongly advised to take no action in relation to the Royalty Pharma offer,” the company said.
Help employers find you! Check out all the jobs and post your resume.
comments powered by