Elan Board Rejects Royalty Pharma Revised Tender Offer

Elan Corp.’s board unanimously rejected Royalty Pharma’s takeover offer days after it was raised to $6.7 billion, the second increase in its attempt to take over the Irish biotechnology company.

The latest offer “continues to grossly undervalue” Elan, the Dublin-based company said in a statement today. The board recommended that shareholders take no action on the offer and that they vote in favor of the four transactions previously announced by Elan when the June 17 shareholder meeting takes place.