Royalty Pharma ups offer for Elan to $12.50/shr

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U.S. investor Royalty Pharma raised its offer to $12.50 per share for Irish drugmaker Elan on Monday, representing a premium of 45 percent to Elan's enterprise value, it said.

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The company said it was offering $4.6 billion for Elan's Tysabri Royalty, a 42 percent premium to the $3.25 billion price at which Elan sold half of its interest in Tysabri to its U.S. partner Biogen Idec. The increased offer is now all cash.

 

Royalty said the new offer was conditional on Elan shareholders voting against a $1 billion drug royalties deal with U.S. firm Theravance, which it said was pursued "in haste and without critical confidential information."

Royalty said it believed Elan had "dramatically overpaid" in the transaction.

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