June 13, 2013 / 3:31 PM / in 4 years

Royalty Pharma granted injuction as pursues Elan bid

DUBLIN, June 13 (Reuters) - Royalty Pharma was granted an injunction by the Irish High Court on Thursday that means its bid for Elan may not be doomed if some votes go against it at a meeting of the Irish drug company’s shareholders next week.

United States-based Royalty had made its offer for Elan contingent on the Irish company’s shareholders rejecting a series of four resolutions at the meeting to be held on Monday.

It has since said it wants to ease its requirement for all four resolutions to be rejected but was stopped from making the change last week by Ireland’s takeover panel.

Justice Peter Kelly granted the injunction and set a hearing for next Wednesday to decide if Royalty will be allowed to challenge the panel’s decision.

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