Elan wins temporary block against Royalty bid

Suzie Neuwirth

IRISH drugmaker Elan Corporation was today awarded an injunction from a US judge, temporarily blocking Royalty Pharma’s hostile takeover approach.

Elan had filed a complaint that Royalty’s revised $6.4bn (£4.2bn) bid undervalued the company and was not in the best interests of shareholders.

The injunction gives shareholders until 6 June to decide whether they should waive their shares, Elan said.

The drugmaker yesterday won a ruling from the Irish High Court preventing Royalty distributing a proxy to shareholders.