On Friday, Royalty Pharma has increased its offered bid for Irish drug firm, Elan. This was the company's third increase in five months.

The majority of shareholders at Elan are holding their shares hoping to get an even bigger pay day.

Royalty has offered an increase from the previous US$12.50 offer to US$13. The company also added a contingent value right (CVR) clause. The said clause stipulates that US$2.50 per share will be added the moment Elan's sclerosis drug Tysabri reaches a specific sales milestone.

Institutional investors told Reuters that this may not be the final offer of Royalty Pharma. Another shareholder stated that the offer did not specify it to be the best nor the last proposal that Royalty has. The board said that it will still assess Royalty's offer and will not take action for the mean time.

Royalty Pharma refused to give out comments if the bid was indeed final or chances of further increase will be taken.