Royalty pulls plug on Elan buy (for now?); analysts' view on what comes next

19 June 2013

In the ongoing hostile takeover saga, US private equity firm Royalty Pharma has withdrawn its request for a judicial review of the Irish Takeover Panel’s decision requiring it to lapse its offer for drugmaker Elan Corp (NYSE: ELN) oration, if, among other things, Elan shareholders approved the Share Repurchase Program (The Pharma Letter June 18).

As a result, Royalty Pharma’s offer has now lapsed. “In light of recent developments, we are no longer pursuing the judicial review we had requested,” said Pablo Legorreta, chief executive of Royalty Pharma. However, the company has not ruled out taking part in a formal sale that the Irish company announced at the end of last week, and was waiting to hear from the company or its advisers, reported the Financial Times.

Jeffries analysts set $19/share price target

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