Elan Refused to Engage With Royalty Over Weekend, Chairman Says

Co. predicts “lengthy, and we think likely fruitless, effort to find a buyer willing to offer more than we are,” Royalty Pharma Chairman Rory Riggs says in letter today. * Elan has effectively been for sale for almost four months as a result of Royalty approach, Riggs says * If no buyer emerged in that time, it suggests none is interested at a price above Royalty’s offer, Riggs says.

To contact the reporter on this story: Makiko Kitamura in London at mkitamura1@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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