DUBLIN (dpa-AFX) - Elan Corporation, plc (ELN), a biotechnology company, Tuesday issued a letter to its shareholders urging them to protect the value of their investment in Elan by rejecting Royalty Pharma's offer to acquire Elan and by voting for all four resolutions in connection with Elan's fast approaching Extraordinary General Meeting or EGM on June 17.
Elan in the letter asked its shareholders to vote positively to approve the Theravance Resolution, AOP Resolution, ELND005 Resolution and the Share Repurchase Resolution. The Theravance transaction will align Elan with GlaxoSmithKline as Elan will gain a participation interest in potential future royalty payments related to four respiratory programs partnered by Theravance and GSK, Elan said. Elan has also urged its shareholders to return their voting instructions by telephone or by Internet, owing to the shortage of time.
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