News Summary: Elan to explore sale of company
News Summary: Elan to explore sale of company, invites spurned Royalty Pharma to participate
FOR SALE: Irish drugmaker Elan Corp. PLC said Friday it will explore a possible sale of the company while its board continues to fend off a hostile takeover bid from Royalty Pharma.
WHO'S INVITED: Elan said Royalty can participate in Elan's sale process, but it wants shareholders to steer clear of Royalty's latest bid.
ABOUT THAT BID: Royalty said last week that it will pay $13 for each Elan share plus up to $2.50 per share in payments based on performance milestones. Elan's board has rejected that bid and said it received interest from other parties it hasn't named.
