Elan CEO says shareholders unmoved by Royalty bid

DUBLIN Mon May 13, 2013 8:16am EDT

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DUBLIN (Reuters) - Elan's chief executive said he has not spoken to one shareholder who views Royalty Pharma's bid for the company as credible and that it had nothing to do with Monday's deal with fellow drugmaker Theravance.

The Irish drugmaker last month rejected a $5.7 billion offer from U.S. investment firm Royalty and shareholders have until May 31 to make up their minds on the $11.25 per share bid.

"This (Theravance deal) was not done because of Royalty whatsoever. Royalty to myself, to the board, to pretty much every shareholder that we can talk to frankly is utterly irrelevant," Kelly Martin told Reuters in a telephone interview.

"I can say unequivocally that I haven't spoken to one shareholder who thinks Royalty Pharma's offer is either credible or of any substance whatsoever. We haven't talked to anybody that is on the fence."

(Reporting by Padraic Halpin; Editing by Louise Heavens)

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