U.S. Markets open in 4 hrs 34 mins

Royalty Pharma expresses disappointment in letter to Elan board

Royalty Pharma announced its Chairman, Rory Riggs, sent the following open letter to the board of Elan: "Given this clear message from your shareholders, I was disappointed that you and your advisers rejected our advisers' efforts to engage with you this past weekend regarding a potential negotiated transaction structured, subject to any required consent of the Irish Takeover Panel, as a recommended scheme of arrangement. A scheme of arrangement has the potential to allow the contingent value right included in our Further Increased Offer to become transferable, which many of your shareholders have told us would make our offer even more attractive... Time is short. We believe that our offer is the best alternative for Elan's shareholders now and will remain the best alternative upon completion of Elan's sale process. We urge you to do the right thing by your shareholders and engage with us before our offer expires."