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Wednesday, March 6, 2013

Royalty Pharma says ready to move quickly on Elan offer, (NASDAQ: BIIB)

U.S. investment firm Royalty Pharma on Wednesday stood by its offer to acquire Irish drugmaker Elan, which has rejected the approach, and said it was ready to move quickly and could complete due diligence in 20 days.Royalty also said it was meeting with Elan shareholders."Royalty Pharma believes Elan shareholders should urge the board of Elan to engage with Royalty Pharma and grant the required access to allow an offer to be pursued expeditiously," the company said in a press release.Royalty Pharma made a $6.6 billion approach last week 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.

Biogen Idec Inc. (Biogen Idec) is a global biotechnology company. Shares of BIIB remained unchanged at $171.31. In the past year, the shares have traded as low as $116.44 and as high as $173.72. On average, 1375710 shares of BIIB exchange hands on a given day and today's volume is recorded at 0.