Elan bids not expected until after results

First round takeover bids for Irish bio-tech firm Elan are not likely to be formally tabled until after the company publishes its half-year results later this month.

It was reported at the end of last week that Elan would be formally seeking initial bids this week.

However, sources close to the company have since claimed that suggestions of such a timeframe are “inaccurate”.

The Dublin-based company effectively put itself on the market last month, by opening a formal sale process.

That move coincided with shareholders narrowly rejecting a hostile takeover approach from US intellectual property firm, Royalty Pharma.

While a number of US firms have been mentioned as potential suitors, recent commentary has suggested that Royalty could still benefit, mainly through buying Elan’s Tysabri royalties from the company’s new owner.

Most recent reports have linked the likes of US pharmas Forest Laboratories and Botox-maker Allergan — both of which have a manufacturing presence in Ireland — with a move for Elan.

A spokesperson for Elan declined to comment yesterday.

Elan is set to publish its second-quarter/first-half financial results next Wednesday.

Elan’s Dublin share price was up by just under 1% yesterday, closing at €10.69.