Royalty Pharma’s Bid For Elan Corporation In Doubt

Elan Corporation, plc (NYSE:ELN) shareholders approved a share buyback program which would force Royal Pharma to end its unsolicited $6.7 billion takeover bid. Elan Corporation’s Shareholders In Favor Of The Proposal In the shareholders’ meeting at Dublin, Elan Corporation, plc (NYSE:ELN)’s shareholders voted in favor of a proposal to buy back $200 million in shares by using the proceeds of Elan’s sale to Biogen Idec Inc. (NASDAQ: BIIB). Elan Corporation, plc (NYSE:ELN) earlier agreed to sell its stake in multiple sclerosis drug Tysabri to biotech company Biogen Idec Inc. (NASDAQ:BIIB) for $3.25 billion in upfront payment. Tysabri is Elan’s only…