Royalty Pharma has withdrawn its request for a judicial review of the Irish Takeover Panel's decision that required it to lapse its offer for Elan once shareholders approved its Share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 said it has initiated a formal sale process and has invited Royalty Pharma to participate and bring forward a new offer if it chooses.