Tuesday, April 29, 2014
Royalty Pharma has withdrawn its request for a judicial review of the Irish Takeover Panel’s decision that required it to lapse its offer for Elan once shareholders approved its Share Repurchase Program at a special shareholders’ meeting Monday. Shareholders approved a $200 million share buyback.
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.