NEW YORK (AP) — Royalty Pharma says Monday that it’s raising its bid for Irish drugmaker Elan Corp. PLC to as much as $12 per share, or $7.2 billion.

Royalty Pharma, a private company based in New York, offered in February to buy the company for $11 per share, or about $6.5 billion. Elan rejected that bid.

But the value of Royalty Pharma’s new bid depends on Elan’s $1 billion stock buyback auction. The buyback is expected to price this week, from $11.25 to $13 per share.

The value of Royalty Pharma’s bid could drop back to $11 per share if Elan pays $12.25 to $13 per share in the buyback.

Elan says it will evaluate the new bid and make a recommendation to shareholders. Shares dropped 14 cents to $11.88 in afternoon trading.