Elan Corp. Plc (ELN) Tuesday advised its shareholders to withdraw any acceptances of Royalty Pharma's offer without delay and not to tender any further acceptances.
Following the outcome of the Elan EGM yesterday, and in accordance with the terms of the Royalty Pharma offer, the Royalty Pharma Offer has now lapsed.
Withdrawal of acceptances of the Royalty Pharma offer will ensure that Elan shareholders are in a position to participate in the benefits of the formal sale process which has now commenced, the firm noted.
Elan's financial advisers contacted Royalty Pharma's financial advisers over the weekend of June 15/16 to invite Royalty Pharma to participate in that process.
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