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Irish drugmaker Elan will lay out an alternative strategy if shareholders reject a string of planned deals and thereby make a bid from a U.S.-based investment group more likely to succeed. Royalty Pharma last week increased its a hostile cash bid for Elan, conditional on the target’s shareholders rejecting a series of planned transactions at a meeting due to be held on June 17. Elan, which rejected Royalty’s offer, said on Thursday there were different opinions among shareholders on one of the deals struck earlier this month, with U.S. company Theravance, and that it would look to quickly sooth concerns. If that did not work, Elan Chief Executive Kelly Martin said the board would look at other ways to maintain the group’s independence, though he did not specify what those plans would be.
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