Elan considers $6bn takeover bid

Elan has said it will consider any credible takeover proposal made to the company, but noted “the heavily conditional nature” and “highly opportunistic timing” of Royalty Pharma’s announcement that it has made an indicative proposal to buy the biotech firm for $6.6bn (€4.97bn).

Royalty — a New York-based private investment management firm — said it had contacted Elan via chairman Bob Ingram last Monday, Feb 18, and followed it up with a meeting two days later where it put forward its $11 per share proposal to buy Elan.

The US company said it remained committed to “working towards a recommended transaction”, despite noting that it had not received a formal response, and had been unsuccessful in efforts to engage with Elan since making the proposal.