Elan agreed to pay $1bn (€770m) for a share of the royalties on new drugs from Theravance as it tries to persuade shareholders to spurn a takeover offer by Royalty Pharma.

Music lovers face a wait for the right to buy Beatles hits on Apple’s iTunes online store, despite the iPod maker’s truce in its dispute with the Fab Four’s guardian, Apple Corps, over the use of the iconic apple logo and name.