DUBLIN, Ireland – Elan Corp. plc continues to execute its M&A strategy at a dizzying pace, while its would-be acquirer, Royalty Pharma has tabled a revised offer for the company, worth $12.50 per share or $6.37 billion.
On Monday, Elan unveiled an acquisition agreement with AOP Pharmaceuticals AG worth €263.5 million (US$339.3 million) in cash (€175.7 million) and shares (€87.8 million) initially – plus another potential €270 million in milestones – and a deal to acquire a 48 percent stake in Newbridge Pharmaceuticals FZ-LLC for $40 million, along with an option to acquire the company outright for another $244 million. The new deals, if they are voted through by shareholders, would give Elan commercial footholds in Central and Eastern Europe and in the Middle East, respectively.
Dublin, Ireland-based Elan also is spinning out its clinical-stage asset ELND005 (scyllo-inositol) into a new Irish start