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Won't Elan shareholders nix Theravance deal?

This article was originally published in Scrip

Executive Summary

There's been a lot of buzz around yesterday's announcement by Elan that it is to pay $1 billion for a 21% share of Theravance's royalties from some – but not all – of the respiratory products it has partnered with GlaxoSmithKline (scripintelligence.com, 13 May 2013). To summarize the buzz, it has mostly been along the lines of "What a great deal for Theravance!" (the company's share price went up 17.9%; its executives indicated this had been a rapidly arranged agreement and refused to discuss whether they'd shopped their offer around) and "What is Elan doing?" (the company's ADRs went down 1.44%).

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