By The Associated Press, Associated Press
Drugmaker Elan says it will explore a possible sale of the company after fending off several takeover bids this year from Royalty Pharma.
The Irish company says it is proceeding with a formal sale process, and Royalty can participate if it wants. But Elan also wants its shareholders to steer clear of Royalty's latest hostile bid.
Royalty is a privately held New York company that buys drug royalty interests.
Last week it offered to pay $13 per share for each Elan share plus up to $2.50 per share in payments based on performance milestones. That totaled about $7.76 billion not counting the milestone payments.
Elan Corp. PLC's board rejected that bid and has said it received interest from other parties it didn't name.
Its shares rose more than 9 percent in morning trading Friday.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.