Royalty Pharma launches improved bid for Elan

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Royalty Pharma launches improved bid for Elan

By Padraic Halpin and Jessica Toonkel DUBLIN/ NEW YORK (Reuters) - U.S. investment firm Royalty Pharma launched a cash offer on Monday for Elan worth up to $7.3 billion, improving on its initial proposal to take over the Irish drugmaker and the lucrative royalty rights on its main drug. Royalty made an indicative approach worth $11 per share in February, which Elan rejected for being "highly conditional". Facing a May 10 deadline to make a firm offer, it came back on Monday with one worth up to $12 a share. ...

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