DUBLIN, June 17 Elan shareholders
approved a share buyback on Monday, meaning U.S.-based Royalty
Pharma's hostile bid for the Irish drug firm will
lapse unless a legal challenge it has mounted succeeds.
Royalty last month made its takeover offer conditional on
shareholders rejecting four resolutions at a meeting on Monday.
It won an Irish court injunction against a regulator last week,
allowing it to appeal against a ruling that it cannot change the
conditions attached to its offer.
Shareholders rejected Elan's proposed $1 billion royalties
deal with U.S company Theravance Inc, the purchase of a
private drug firm and a drug spin-off in a major blow to the
company's plans. Elan put itself up for sale on Friday.