Royalty to Explore Ways to Bid for Elan with Partner

By IVCPOST Staff Reporter

Jun 28, 2013 04:31 AM EDT

Royalty Pharma held internal talks about making a new bid for Elan Corp. This was according to four people knowledgeable of the situation. Royalty proposed a US$6.7 billion deal for Elan however the deal lapsed this month. Last June 14, Elan formally put itself up for sale.

Royalty Pharma would need permission for a joint bid for Elan. This is because the target company required prospective buyers to bid along said one source who asked not to be named as the talks were in private. Elan invited Royalty to participate in an auction of the firm.

Royalty Pharma was not permitted to discuss to potential joint bidders not until it has joined the auction for Elan. Royalty Pharma should negotiate first with the Irish drug firm to make a dual bid. This is because Elan does not currently allow joint bids said the person. The same source added that Royalty planned to approach Elan to talk about how to enter the auction.

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