June 17, 2013 / 10:32 AM / 5 years ago

Elan shareholders approve buyback in blow to Royalty bid

DUBLIN, June 17 (Reuters) - 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.

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