Elan shareholders approve $200m buyback, voiding Royalty Pharma bid

At an investors' meeting held by drugs company Elan, shareholders have approved a $200m share buyback scheme. This was one of four proposals that if not rejected would void a standing offer by Royalty Pharma.

The meeting also saw Theravance, AOP and Speranza spin-off transactions rejected.

US investment firm Royalty Phama's approach is the latest in a sequence of bids by the company to be turned down by shareholders. Elan put itself up for sales on Friday.