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Elan Corp. (ELN) Is Up Sharply On Takeover Offer

2/25/2013 9:43 AM ET

Elan Corp. (ELN: Quote) announced Monday morning that it has received a proposal from Royalty Pharma to be acquired for US$11 for every Elan Share and every Elan ADS.

Elan has gapped open sharply higher this morning and is now up 0.93 at $11.53 on above average volume. The stock has risen to a 5-month high and has re-crossed its 200-day moving average.

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by RTT Staff Writer

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