Elan turns down new Royalty bid

Irish drugmaker Elan last night rejected Royalty Pharma’s increased $6.4bn (£4.2bn) takeover bid, shortly after the US firm cut the acceptance bar for its latest offer to 50 per cent plus one share. Royalty raised its hostile cash bid on Monday but made the new offer conditional on Elan shareholders rejecting at a meeting due to be held on 17 June the series of defensive transactions recently announced by the Irish drug firm.