On Sunday, Royalty Pharma urged New York federal court to let it go on with the potential investment partnership with Elan, an Irish drug company.

A brief was submitted in advance of the Tuesday hearing by Royalty Pharma in US District Court in Manhattan. It stated on Friday additional information about the bid with Elan after receiving a temporary block from the court last week.

For the third time in five months, Royalty Pharma has raised its takeover deal on Friday to US$13 cash per share from its previous bid of US$12.50 per share. It also added a new contingent value right (CVR) clause. This would mean added US$2.50 per share once Elan's multiple sclerosis drug hits specified sales milestones.

Last week, Elan won an order from the US court stating a temporary restraint from Royalty Pharma's takeover bid.

No immediate Elan official was available to comment with said report.