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News Summary: Royalty Pharma raises Elan offer

The Associated Press

ANOTHER BID: Royalty Pharma said Friday it has raised its offer to buy Irish drugmaker Elan Corp. PLC. It is now offering $13 in cash for each Elan share, and it will give stockholders the right to receive up to an additional $2.50 per share in milestone-based payments.

ELAN'S RESPONSE: Elan said its board will review the new offer, and its shareholders should take no action in the meantime.

THE HISTORY: Royalty first made an offer to buy Elan in February, and its latest bid before Friday totaled $12.50 per share. Elan has said that undervalued the company.