Royalty Pharma Bids $6.6B for Elan, but Is it a Fair Offer?

DUBLIN, Ireland – Shares in Elan Corp. plc (NYSE:ELNrose 5 percent to $11.14 Monday in response to an indicative $11 per-share takeover offer from Royalty Pharma.

Although Dublin, Ireland-based Elan issued a critical response to the offer, which represents a 4 percent premium to its closing share price Friday, it was not an outright refusal. The investor response suggested there is an appetite in the market for an exit. The company is now in play.