March 6 U.S. investment firm Royalty Pharma
stood by its offer on Wednesday to acquire Irish
drugmaker Elan, which has rejected the approach, saying
it was ready to move quickly and that it could complete due
diligence in 20 days.
It also said it was meeting with Elan shareholders.
Royalty Pharma made a $6.6 billion approach last week after
Elan announced last month a $3.2 billion plan to sell its 50
percent stake in multiple sclerosis drug Tysabri to its U.S.
partner Biogen Idec.
Elan rejected Royalty Pharma and on Monday sweetened its
offer to shareholders, saying that it would give them 20 percent
of future royalties from the drug. It had already planned to
return $1 billion to shareholders after the drug sale.