Royalty fears Elan bid will fail

Royalty Pharma said yesterday that it did not appear to have the backing of Elan shareholders in a vote that is set to decide the fate of its hostile bid of up to $8bn for the Irish drug firm. Citing a review it had undertaken of voters, Royalty said Elan shareholders were set to back one of four resolutions being voted on ahead of a meeting on Monday, a result that would make its bid for the company null and void. Royalty had a third increased bid rejected by Elan’s board this week.