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News Summary: Royalty Pharma offers to buy Elan

The Associated Press

THE OFFER: Royalty Pharma wants to buy Elan Corp. PLC for about $6.5 billion. It said it made the $11-per-share offer for the Irish drugmaker earlier this month.

THE CONFLICT: Privately held Royalty Pharma said Monday that Elan hadn't formally responded to its proposal and that it's been unsuccessful in engaging the company in talks since the proposal was made.

THR RESPONSE: Elan called the announcement of the offer "highly opportunistic," but left the door open for future offers from Royalty Pharma or other suitors.