« Return to News | Drug Sponsors

Elan to proceed with formal sale process

Friday, June 14, 2013 02:38 PM

Elan has announced it is proceeding with a formal sale process in light of the expressions of interest received to date. As part of this process, Royalty Pharma will be invited to participate. Elan has urged shareholders not to tender into the current Royalty Pharma offer.

Elan said its board and management are aligned in maximizing the full value potential of the business on behalf of its shareholders. Shareholders are scheduled to meet Monday to vote on the company’s recent M&A deals. Elan’s board has unanimously rejected Royalty Pharma’s sweetened offer of $13 per share in cash plus contingent value rights linked to future performance of MS drug Tysabri, for a potential value of $8 billion.

The four transactions on Monday’s agenda are: Elan’s $1 billion cash acquisition of a 21% stake in South San Francisco-based Theravance’s royalties from the respiratory franchise it shares with GSK; Elan’s acquisition of Vienna, Austria-based AOP Pharmaceuticals for $348.8 million; the spinout of ELND005 into a new Irish startup Speranza Therapeutics, with $70 million in funding; and a $200 million share buyback.

 Separately, Royalty Pharma on Friday asked Elan ordinary shareholders to vote against all four resolutions. If any of the items are approved, the Irish Takeover Panel will require Royalty to withdraw its offer and may prevent Royalty from making another unsolicited offer for 12 months.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 30

Novartis-Walgreens pilot study blurring the line between retail pharmacy, investigative site

CISCRP to launch traveling science museum exhibit to demystify clinical trial participation

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

October

New growth and decline in Asia clinical trials
South Korea, Japan, China see big growth in 1572s, while India posts huge drop

Harnessing Big Data to transform clinical trials
From protocol to patient recruiting, data analytics can yield valuable insights

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

September

Sponsors look to collaborate on comparator drugs
Co-therapies, comparators are in 60% of studies, cost $25m per company a year

Early adopters implement risk-based monitoring pilot programs
Experiments aim to offer long-term solutions, despite short-term uncertainties

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.