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Tuesday, February 26, 2013

Royalty Pharma to go to Elan shareholders with $6.6 billion offer -source, (NYSE: JNJ)

New York-based investment firm Royalty Pharma does not want to take "no" for an answer to its $6.6 billion offer for Irish drugmaker Elan Corp.The company plans to spend the next few weeks calling Elan shareholders about its offer that was made Feb. 18, according to a source familiar with the situation.Royalty Pharma, which buys royalty streams of patented drugs and whose portfolio includes rheumatoid arthritis drugs Humira and Remicade, is turning to Elan's investors, because it has not gotten a formal response from the company about its offer, said the source, who wished to remain anonymous because they are not allowed to speak to the press.Elan's biggest shareholder is Johnson & Johnson with an 18 percent stake.

Johnson & Johnson is a holding company. The Company, along with its subsidiaries, is engaged in the research and development, manufacture and sale of a range of products in the healthcare field. Shares of JNJ traded higher by 0.11% or $0.08/share to $75.65. In the past year, the shares have traded as low as $61.71 and as high as $77.02. On average, 10348900 shares of JNJ exchange hands on a given day and today's volume is recorded at 6554782.