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News Summary: Royalty Pharma lets Elan bid expire

The Associated Press

TAKEOVER UPDATE: Royalty Pharma said Tuesday it has let its latest takeover bid for Irish drugmaker Elan lapse as it decided against pressing ahead with a court challenge of a requirement that it withdraw the offer.

THE DETAILS: Royalty had offered earlier this month to pay $13 per share for each Elan share plus up to $2.50 per share in payments based on performance milestones.

WHAT'S NEXT: Elan is exploring a sale of the company, and it has said Royalty can participate in its process. A Royalty spokesman declined to say whether the New York company will consider another offer.