Elan Investors Approve Buyback to Force Royalty Bid End

Elan Corp. shareholders approved a share-repurchase program, a vote that Elan says will force Royalty Pharma to end its unsolicited $6.7 billion takeover bid.

Investors voted against three other transactions including an investment in Theravance Inc.’s royalties at their meeting in Dublin, where both Elan and Royalty Pharma are based, Elan said in a statement today. Royalty Pharma’s offer has been contingent on investors rejecting all transactions proposed by Elan management, according to a ruling by the Irish takeover panel.