Elan’s Board Unanimously Rejects Royalty Pharma’s Revised Offer

Elan Corporation, plc (NYSE:ELN) today announced that its board of directors has rejected a revised bid from privately held investment firm Royalty Pharma. Irish biotechnology firm Elan Corporation, plc (NYSE:ELN) said its board has rejected the offer from Royalty Pharma, through its subsidiary Echo Pharma Acquisition Ltd, to acquire all of the shares of Elan Corporation, plc (NYSE:ELN) for $13.00 plus up to an additional $2.50 per share in contingent voting rights (CVR). What Elan Corporation Indicated: The biotechnology firm Elan Corporation, plc (NYSE:ELN) indicated in a statement the gap between the underlying value of Elan Corporation and the totality of its…