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Elan shareholders approve one of four transactions

Monday, June 17, 2013 03:30 PM

Elan shareholders approved one of four transactions up for a vote at its special meeting Monday. Shareholders rejected plans for a $1 billion cash acquisition of a 21% stake in Theravance’s royalties from the respiratory franchise it shares with GSK; acquisition of Vienna, Austria-based AOP Pharmaceuticals for $348.8 million; and the spinout of ELND005 into a new Irish startup Speranza Therapeutics, with $70 million in funding.

However, shareholders did approve a $200 million share buyback. Approval of the Share Repurchase Program resulted in Royalty Pharma’s hostile takeover bid for Elan to lapse.

Elan has initiated a formal sale process. Royalty Pharma has been invited to participate in that process and bring forward a new offer if it chooses.

Royalty Pharma, however, has petitioned the Irish Takeover Panel to amend its offer so it would not lapse, but the panel refused to approve such an amendment. As a result, Royalty Pharma has launched judicial review proceedings in the Irish High Court against the decision. Proceedings have been scheduled for June 19 and, pending resolution, Royalty Pharma has secured injunctive relief preventing the Irish Takeover Panel from issuing a direction that Royalty Pharma lapse its offer or from treating the offer as having lapsed.

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