Elan shareholders approve buyback as Royalty fight heats up

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Elan shareholders approve buyback as Royalty fight heats up

DUBLIN (Reuters) - Irish drugmaker Elan won strong approval from shareholders for a $1 billion share buyback as it seeks to keep them on side and stave off a takeover approach from U.S. investment firm Royalty Pharma. The buyback, priced between $11.25 and $13.00 per share, was supported by 99.2 percent of shareholders on Friday. The company was returning cash to investors after the $3.2 billion sale of its interest in multiple sclerosis drug Tysabri. ...

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