News summary: Judge halts Royalty Pharma Elan bid

COURT STEPS IN: Elan Corp.'s fight against a takeover bid by Royalty Pharma has spilled into U.S. federal court, where a judge has issued a temporary restraining order preventing Royalty from completing its offer to buy the Irish drugmaker.

THE BACKGROUND: Royalty made an offer to buy Elan last month for $12.50 per share, or about $7.5 billion. It made the offer on the condition that shareholders reject an Elan push to refocus its business after selling its interest in the multiple sclerosis treatment Tysabri.

ELAN'S VIEW: Elan has said the Royalty offer, which is scheduled to expire Thursday, undervalues Elan.