U.S. investment firm Royalty Pharma launched a cash offer on Monday for Elan worth up to $7.3 billion, improving on its initial proposal to take over the Irish drugmaker and the lucrative royalty rights on its main drug.Royalty made an indicative approach worth $11 per share in February, which Elan rejected for being "highly conditional". Facing a May 10 deadline to make a firm offer, it came back on Monday with one worth up to $12 a share.The New York-based company, targeting royalty rights for multiple sclerosis (MS) treatment Tysabri worth hundreds of millions of dollars annually, said its cash offer may fall below $12 depending on Elan's pricing of a share buyback this week.Elan, in which U.S. group Johnson & Johnson is an 18 percent shareholder, hatched the plan after selling its 50 percent interest in Tysabri for $3.25 billion plus future royalties to U.S. partner Biogen Idec
Biogen Idec Inc. (Biogen Idec) is a global biotechnology company. Shares of BIIB fell by 0.43% or $-0.88/share to $206.13. In the past year, the shares have traded as low as $124.23 and as high as $209.00. On average, 1413630 shares of BIIB exchange hands on a given day and today's volume is recorded at 308668.
Johnson & Johnson is a holding company. The Company is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ remained unchanged at $82.74. In the past year, the shares have traded as low as $61.71 and as high as $79.74. On average, 9588540 shares of JNJ exchange hands on a given day and today's volume is recorded at 3312174.
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