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Royalty initially offered to buy Elan in February for $11 per share. It said Friday it made its latest offer after receiving feedback from Elan shareholders, and the new deal gives them a stake in the "future upside of Tysabri." It includes additional payments if Tysabri receives Food and Drug Administration approval for an expanded use and if it hits some sales milestones. "While Elan's board and management team appear to be solely focused on what we perceive to be increasingly desperate attempts to fend off Royalty Pharma's highly compelling offer, we have been carefully listening to shareholders and are pleased to revise our offer today based on their feedback," Royalty CEO Pablo Legorreta said in a statement from the company. Royalty's latest offer also comes with the condition that more than 50 percent of shareholders need to accept the deal for Royalty to close it. That's a lower threshold than the 90 percent mark it had previously set. That also concerns Elan, which has said that the lower threshold could leave a large number of its shareholders with a minority stake in a Royalty-controlled company. U.S.-traded shares of Elan rose 5.5 percent, or 70 cents, to $13.38 Friday afternoon, while the Standard & Poor's 500 index climbed less than 1 percent. The stock has climbed more than 30 percent since closing 2012 at $10.21.
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