US-BASED Royalty Pharma yesterday gave up on its hostile bid for Elan, leaving the Irish drug-maker free to seek other suitors having put itself up for sale last week.
Royalty yesterday withdrew its appeal against a ruling by Ireland’s Takeover Panel, meaning the offer automatically lapses.
The decision brings an end to a bitter, four-month battle that involved court hearings, injunctions and a war of words between the two sides.
The move heralds a new takeover battle for Elan, which has invited bids and is being eyed up by “more than one interested party”, according to a source familiar with the situation.
Under Irish Takeover Panel rules, Royalty is not permitted to submit another hostile bid for Elan for 12 months once its current offer lapses. Elan has said Royalty can take part in the sale process. Royalty did not say if it intended to do so.
City A.M. Reporter