Elan legal action over statement ‘not proceeding’

A legal action brought by pharmaceutical firm Elan aimed at stopping Royalty Pharma from distributing a statement to Elan’s shareholders is no longer proceeding, the High Court heard yesterday.

Irish-based Elan Corporation had secured a temporary injunction, on an ex-parte basis (one side only), restraining Echo Pharma Acquisition Ltd, the bid vehicle set up by Royalty Pharma, from distributing to Elan’s shareholders a proxy statement filed with the United States Securities and Exchange Commission last Friday.

Elan brought the proceedings arising out of Royalty Pharma’s attempt to mount an estimated €4.9bn hostile takeover of Elan.