Royalty Pharma raises bid for Elan to potential $8 billion

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Royalty Pharma raises bid for Elan to potential $8 billion

By Padraic Halpin and Jessica Toonkel DUBLIN/NEW YORK (Reuters) - Royalty Pharma on Friday raised its hostile bid for Irish drug firm Elan to a potential $8 billion, the third increase in five months. A majority of Elan shareholders have held off tendering their shares in hopes of a bigger pay day. Royalty is now offering $13 cash per share, up from $12.50 previously, and added a contingent value right (CVR) clause that could mean an additional $2.50 per share if Elan's blockbuster multiple sclerosis drug Tysabri hits certain sales milestones. ...

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