On Monday, Elan Corp. PLC, an Irish drug company has once again rejected the newest offer from Royalty Pharma. According to the report, Elan is now looking at enquiries from other interested parties.

Friday last, the US investment company, Royalty has increased its hostile bid to US$8 million. This was the third increase they have made within five months. Elan shareholders held tendering their shares as they hope for a higher payday.

Royalty now offers Elan with US$13 cash per share from its previous offer of US$12.50. It has also added the contingent value right (CVR) clause meaning an added US$2.50 value per share would be given if certain milestones will be reached by its sclerosis drug Tysabri.

On the other hand, Elan has instructed its Citigroup advisors to evaluate other interested parties. This was after numerous unsolicited interest enquiries were received.

A spokesman from Elan said that they cannot disclose information to who these other parties were.