Royalty Pharma expects to use new debt financing for Elan buyout bid

By Sara Rosenberg

New York, Feb. 25 - Royalty Pharma is working with a group of lenders led by Bank of America Merrill Lynch on debt financing that would be necessary to fund its proposal to acquire Elan Corp., according to a news release.

Other funds for the transaction would come from cash on hand.

The company is offering to buy Elan for $11.00 per share, or about $6.5 billion.

However, Royalty Pharma has not received a formal response to its proposal and has been unsuccessful in its efforts to engage with Elan.

Royalty Pharma is a New York-based acquirer of royalty interests in marketed and late-stage biopharmaceutical products.

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