Royalty ups its bid for Elan

Royalty Pharma has raised its offer to buy Elan after the Irish drug maker announced several 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 of the receipts.

Elan’s US shares were up 3.3% to $12.06 in New York yesterday afternoon. The offer values the company at $6.4bn (€4.96bn).