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Royalty Pharma Takeover of Elan Temporarily Blocked

Elan Corp. won an order from a U.S. judge temporarily blocking Royalty Pharma AG from attempting a $6.4 billion hostile takeover of the Irish drugmaker after Elan sued to halt what it called a “coercive” tender offer.

U.S. District Judge William Pauley in Manhattan yesterday issued a temporary restraining order blocking Royalty and related parties from “consummating or closing defendants’ tender offer” for the outstanding shares of Elan. Pauly scheduled a June 11 hearing to consider whether to issue a preliminary injunction.