Elan Corp.’s board of directors unanimously rejected a higher takeover offer from Royalty Pharma, an investor in royalty streams from pharmaceuticals, saying the proposal “substantially undervalues the company.”
Royalty Pharma, an investor in royalty streams from pharmaceuticals, raised its offer to buy Elan Corp. by 12 percent to $6.4 billion after the Irish drugmaker made acquisitions to boost revenue and resist the bid.
Two drugs from Bristol-Myers Squibb Co. shrank tumors in as many as half of patients with advanced melanoma, according to early research that may pave the way for cocktails that trigger the immune system to destroy cancer.
Angelina Jolie, named the highest- paid actress in Hollywood by Forbes in 2011, said she had a double mastectomy after learning she has a gene mutation linked to breast cancer, the disease that killed her mother at age 56.
Merck & Co., Bristol-Myers Squibb Co. and Roche Holding AG have opened a new front against cancer with the next generation of experimental drugs that use the human immune system to seek and destroy tumor cells.
Just as Novartis AG’s best-selling medicines are losing patent protection, the company is poised to get a revenue boost from a U.S. program designed to speed life- saving therapies to patients with few treatment options.
Elan Corp. considered buying New York investment firm Royalty Pharma last year, about six months before Royalty Pharma turned around with an acquisition proposal for Elan that’s now valued at about $5.7 billion.