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The Boston Globe

Business

Elan shareholders block takeover

NEW YORK — Shareholders of the Irish drug maker Elan Corp. PLC have potentially ended a takeover bid by Royalty Pharma by voting in favor of an Elan plan to buy back shares.

The Dublin company’s shareholders also rejected at a Monday meeting three separate deals that the Elan board has pushed instead of the Royalty takeover bid.

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Earlier this month, New York-based Royalty offered to pay $13 per share for each Elan share plus up to $2.50 per share in payments based on performance milestones. That totaled about $7.76 billion, not counting the milestone payments.

The Irish Takeover Panel requires Royalty to withdraw its offer if shareholders approve the buyback or the acquisitions. Royalty is challenging that requirement in court.

Elan was attempting to diversify its business through the string of acquisitions after it sold its interest in the multiple sclerosis treatment Tysabri to a former development partner, Biogen Idec Inc. of Weston, Mass., earlier this year.

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