Royalty raises Elan bid, issues ultimatum to shareholders

By Padraic Halpin and Jessica Toonkel DUBLIN/NEW YORK (Reuters) – Royalty Pharma raised its hostile bid for Elan to $12.50 per share and threatened to withdraw the bid if Elan shareholders approve a series of defensive transactions announced by the Irish drug firm. Royalty Pharma, which buys royalty streams of patented drugs, said Elan's efforts to reinvent itself through a series of acquisitions and debt deals were hasty and ill-conceived. Royalty's new bid for Elan values the company at around $6.4 billion and comes in the face of Elan's insistence that it is worth more. …