Perrigo Company announced today that it has signed a definitive acquisition agreement to acquire Irish drug firm Elan Corporation.
Royalty Pharma held internal discussions about making a new bid for Elan Corp according to four sources.
According to sources, Icahn-backed Forest Laboratories is among mid-sized drug makers to eye for Elan.
On Monday, Elan shareholders approved a share buyback and put itself up for sale on Friday.
Elan is at risk of losing US$2 billion market value once Royalty Pharma walks away with its takeover deal.
Elan rejects the newest bid from Royalty and seeks to look at other unsolicited interested parties.
Royalty Pharma urged the federal court in New York to lift the temporary restraining order it has ordered for the Royalty-Elan bid.
Royalty Pharma raised its hostile bid for Irish drug firm, Elan from US$12.50 to US$13.
Royalty Pharma offers US$11 per Elan share.
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