The Chairman and Co-Founder of Royalty Pharma Group, Rory Riggs, sent an open letter to the Board of Elan Corporation plc (ELN). In the letter, the Chairman said, the company's offer is the best alternative for Elan's shareholders now and will remain the best alternative upon completion of the sale process.
"We urge you to do the right thing by your shareholders and engage with us before our offer expires," the letter stated.
The Chairman of Royalty Pharma said Elan's shareholders appear poised to decisively reject the Theravance Transaction and AOP Transaction at the EGM.
"By rejecting these transactions, Elan shareholders are sending you a clear message rejecting your "strategic plan" for Elan. Your shareholders want you to maximize shareholder value and they want you to do it now," the Chairman said.
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