Drugmaker Elan is to bring forward a planned $1 billion share buyback to next week, the Irish company said in a statement, a move that could undermine a takeover offer by U.S. investment firm Royalty Pharma. Elan, which is fighting a $6.6 billion approach from Royalty Pharma worth $11 per Elan share, said it would start a share buyback with a price range of $11.25 to $13.00 on Monday, earlier than previously planned.Royalty Pharma said in an statement last month that their approach might not be able to proceed in the event of a share buyback.Royalty Pharma made its approach after Elan announced last month a $3.2 billion plan to sell its 50 percent stake in multiple sclerosis drug Tysabri to its U.S. partner Biogen Idec .Elan rejected Royalty Pharma and on Monday sweetened its offer to shareholders, saying that it would give them 20 percent of future royalties from Tysabri.
Biogen Idec Inc. (Biogen Idec) is a global biotechnology company. Shares of BIIB traded higher by 0.53% or $0.91/share to $172.38. In the past year, the shares have traded as low as $118.52 and as high as $173.72. On average, 1386840 shares of BIIB exchange hands on a given day and today's volume is recorded at 1165528.
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