Royalty Pharma says Elan sale process seeks to deflect Royalty bid
(Reuters) - Royalty Pharma believes that the only reason Elan Corp Plc ELN.I has announced a sales process is to deflect Royalty's own offer, the company's CEO said in a statement Friday morning.
Royalty Pharma has not heard from Elan or its financial advisers, said Pablo Legorreta, Royalty's chief executive officer, in the e-mailed statement.
"If shareholders want to have the option to choose between Royalty Pharma's offer or a sale process, they should vote against all four of Elan's proposals, especially the share repurchase program," the firm said in its statement.
(Reporting By Jessica Toonkel; Editing by Gerald E. McCormick)
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