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Royalty Pharma Raises Elan Corporation PLC (ELN) Bid to $12.50 a Share in Cash


5/21/2013 7:35:56 AM

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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.

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