Royalty Pharma announced today that it had withdrawn its request for a judicial review of the Irish Takeover Panel’s decision requiring it to lapse its offer for Elan Corporation, plc if, among other things, Elan shareholders approved the Share Repurchase Program.
Following Elan’s announcement of a sale process, Elan shareholders approved the Share Repurchase Program with 187,484,566 votes FOR and 186,574,867 AGAINST, a margin of 909,699 shares, or 0.24% of the 374,059,433 shares that voted and 0.18% of the total outstanding Elan shares.
As a result, Royalty Pharma’s offer has now lapsed.
“In light of recent developments, we are no longer pursuing the judicial review we had requested,” said Pablo Legorreta, Chief Executive Officer of Royalty Pharma.
Accordingly, no further revised acceptance documents should be executed and delivered and any acceptance documents in respect of the offer, the increased offer and further increased offer are now of no legal effect.