Elan goes on the block in the final hour of takeover fight

Elan is officially up for sale. Seeking to dodge a hostile takeover bid from Royalty Pharma, the Irish company said Friday morning that it has begun a formal sales process, Reuters reports, and invited Royalty to participate. In voting Friday, sharedholders voted down three of four proposals standing in the way of a buyout by Royalty. A source told Reuters that Elan has attracted the interest of several mid-sized drug companies. Story | More