Royalty Pharma handed May deadline to make firm Elan offer

DUBLIN, April 3 Wed Apr 3, 2013 7:19am EDT

DUBLIN, April 3 (Reuters) - U.S. investment firm Royalty Pharma must either announce an offer for Irish drugmaker Elan by May 10 or not proceed with a $6.6 billion approach, Ireland's Takeover Panel said on Wednesday.

Elan has rejected Royalty's indicative approach, worth $11 per Elan share, and welcomed the takeover panel's imposition of a deadline, reiterating that the "highly conditional indication of interest" was opportunistic in its timing.