Royalty Pharma drops bid for Elan Corp.

NEW YORK — Royalty Pharma will not buy Irish drug maker Elan Corp., the company said Tuesday.

Royalty said it would withdraw a request for a review by the Irish Takeover Panel after Elan shareholders voted in favor of a share buyback. Elan said last week that it would begin a process of selling itself to Royalty, which had previously offered $13 per share for the company.

Royalty, based in New York, invests in royalty interests in drugs already on the market and undergoing late-stage clinical trials. Its portfolio includes 80% of Memorial Sloan-Kettering Cancer Center's royalty on Amgen's Neupogen (filgrastim) and Neulasta (pegfilgrastim), for which it paid $400 million, and the AstraZeneca's royalties on AbbVie's drug Humira (adalimumab), which it bought for $700 million.