* Elan offers "unique" dividend on top of share buyback
* Royalty Pharma made $6.6 bln approach last week
By Padraic Halpin
DUBLIN, March 4 Irish drugmaker Elan
said it will give shareholders 20 percent of the royalty rights
for multiple sclerosis drug Tysabri in a bid to stave off an
approach for the company by U.S. investment firm Royalty Pharma
New York-based Royalty made its $6.6 billion approach last
week, just two weeks after Elan announced it had sold its 50
percent interest in Tysabri for $3.25 billion plus future
royalty payments to U.S. partner Biogen Idec.
Elan said on Monday that the "unique" cash dividend policy
would give shareholders the right to enjoy unlimited
participation in the upside from Tysabri sales and comes on top
of its decision to return $1 billion to shareholders.
(Reporting by Padraic Halpin; Editing by David Holmes)