-
New York-based company may acquire Elan Corp.
DUBLIN — Irish drug maker Elan Corp. said Friday it was looking to sell itself off to a New York-based company that invests in drug royalties after rejecting a previous offer.
The company said it would start a process to be acquired by Royalty Pharma, but that shareholders should not put their shares up for sale into another, hostile takeover attempt by Royalty, in which Royalty offered more than $7.7 billion, or $13 per share, plus $2.50 in milestone payments. Elan has rejected that offer, made last week.