Royalty Pharma said it had withdrawn its request for a judicial review of the Irish Takeover Panel's decision requiring it to lapse its offer for Irish biotechnology firm Elan Corp. plc (ELN), if Elan shareholders approved the buyback.
Elan shareholders approved the share repurchase program with around 187.48 million votes FOR and nearly 186.57 million votes AGAINST, a margin of 909,699 shares, or 0.24% of the 374.06 million shares that voted and 0.18% of the total outstanding Elan shares. Consequently, Royalty Pharma's offer has now lapsed. Considering recent developments, Royalty Pharma said it is no longer pursuing the judicial review it had requested.
Therefore, no further revised acceptance documents should be executed and delivered and any acceptance documents concerning the offer, the increased offer and further increased offer are now of no legal effect.
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