Reuters - Royalty Pharma Makes $6.6B Bid for Elan

Investment firm Royalty Pharma has made a $6.6 billion bid approach to Elan, seeking to scupper the Irish drugmaker's plan to spend most of the proceeds from a major drug sale on deals and instead give the money to shareholders, Reuters reported. Royalty Pharma, which invests in royalty streams from pharmaceuticals, said on Monday it planned to offer $11 per share, a premium of 12.6 percent based on the $10.35 closing price of Elan's shares on Feb 15 on the New York Stock Exchange, where the company has its primary listing.

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