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News Summary: Elan to explore sale of company

The Associated Press

FOR SALE: Irish drugmaker Elan Corp. PLC said Friday it will explore a possible sale of the company while its board continues to fend off a hostile takeover bid from Royalty Pharma.

WHO'S INVITED: Elan said Royalty can participate in Elan's sale process, but it wants shareholders to steer clear of Royalty's latest bid.

ABOUT THAT BID: Royalty said last week that it will pay $13 for each Elan share plus up to $2.50 per share in payments based on performance milestones. Elan's board has rejected that bid and said it received interest from other parties it hasn't named.