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Bloomberg reported that Elan Corp. said the strike price for the 116.4 million shares buyback offer has been set at $11.25 per American depository receipt, which could mean that Royalty Pharma’s takeover bid may be set at that price level.
Bloomberg reported that Elan Corp. said the strike price for the 116.4 million shares buyback offer has been set at $11.25 per American depository receipt, which could mean that Royalty Pharma’s takeover bid may be set at that price level.
As quoted in a Bloomberg news article:
Elan, led by Chief Executive Officer Kelly Martin, is buying back the shares to return a portion of the $3.25 billion it received after divesting its stake in the multiple sclerosis drug Tysabri to U.S. partner Biogen Idec Inc. (BIIB) Royalty Pharma’s takeover offer challenges Martin’s plan to embark on company acquisitions to bring in new products.