Elan Board Rejects $6.7 Billion Royalty Pharma Offer

Elan Corp.’s board unanimously rejected Royalty Pharma’s raised $6.7 billion takeover offer and hired Citigroup Inc. to assess “several unsolicited corporate enquiries.”

Royalty Pharma, an investor in royalty streams from pharmaceuticals, last week raised its bid to buy Dublin-based Elan Corp. by 5 percent in the second increase in its attempt to take over the Irish biotechnology company.