Padraic's Feed
Mar 4, 2013

Elan offers special dividend to fend off Royalty

DUBLIN/NEW YORK (Reuters) – Irish drugmaker Elan has sweetened the terms on offer to shareholders under a $3.25 billion disposal plan to try to stave off an approach for the company from U.S. investment firm Royalty Pharma.

Elan said on Monday it would give shareholders 20 percent of future royalties from multiple sclerosis drug Tysabri, in which it holds a 50 percent interest that it plans to sell to its U.S. partner Biogen Idec.

Mar 4, 2013

Bank of Ireland gaining momentum in stabilising economy

DUBLIN, March 4 (Reuters) – Bank of Ireland said
there were signs that a firmer Irish economy in the second half
of 2012 continued into this year after it posted a better than
expected 40 percent drop in underlying profit for the year as a
whole.

The only Irish lender to escape nationalisation after an
unprecedented property crash, the bank saw underlying profit dip
by two-thirds in the first half but ended the slump as job cuts
and mortgage rate rises fed through in the second half.

Mar 4, 2013

Elan offers Tysabri dividend, dismisses Royalty offer

DUBLIN (Reuters) – Irish drugmaker Elan (ELN.N: Quote, Profile, Research) has sweetened the terms on offer to shareholders under its $3.25 billion (2.16 billion pounds) disposal plan, as it aims to stave off an approach for the company from U.S. investment firm Royalty Pharma ROYPH.UL.

Elan said on Monday it would give shareholders 20 percent of future royalties from multiple sclerosis drug Tysabri, in which it holds a 50 percent interest that it proposes selling to its U.S. partner Biogen Idec (BIIB.O: Quote, Profile, Research).

Mar 4, 2013

Bank of Ireland sees momentum building, economy turning

DUBLIN, March 4 (Reuters) – Bank of Ireland said
the momentum from a relatively stronger second half of 2012 had
continued into this year after it posted a better-than-expected
40 percent drop in underlying profit for the year as a whole.

The only Irish lender to escape nationalisation after an
unprecedented property crash, the bank saw underlying profit dip
by two-thirds in the first half but ended the slump as job cuts
and mortgage rate hikes fed through in the second half.

Mar 4, 2013

Elan offers Tysabri dividend after Royalty approach

DUBLIN, March 4 (Reuters) – Irish drugmaker Elan
said it will give shareholders 20 percent of the royalty rights
for multiple sclerosis drug Tysabri in a bid to stave off an
approach for the company by U.S. investment firm Royalty Pharma
.

New York-based Royalty made its $6.6 billion approach last
week, just two weeks after Elan announced it had sold its 50
percent interest in Tysabri for $3.25 billion plus future
royalty payments to U.S. partner Biogen Idec.

Feb 28, 2013

EU’s Barroso confident Italy will maintain stability

DUBLIN (Reuters) – European Commission President Jose Manuel Barroso said on Thursday he was confident that Italy’s next government would honor its commitments and would not derail growing confidence in the euro zone.

Investors are nervous over whether the political gridlock that emerged from the Italian elections could hurt euro zone growth, and whether support from the European Central Bank for a nation in trouble can be used if there’s no workable government.

Feb 27, 2013

Exclusive: Euro zone mulls help for Portugal, Ireland market return – sources

BERLIN/DUBLIN (Reuters) – Euro zone governments are discussing ways to help Portugal and Ireland return to the capital markets swiftly and have voiced a preference for delaying the repayment of bailout loans by the two states, sources familiar with discussions said on Wednesday.

The sources quoted from a 15-page discussion paper from the European Commission and the European Stability Mechanism (ESM) that was debated last week by deputy finance ministers from the euro zone.

Feb 26, 2013

Senior Irish civil servants urged to reject new pay deal

DUBLIN (Reuters) – Senior Irish civil servants and managers were urged by their trade union on Tuesday to reject a public sector pay deal in a warning shot to the government that it faces a challenge in implementing the new agreement.

The government agreed with the largest public-sector trade unions on Monday to extend a three-year-old pay deal that has been credited with avoiding the kind of industrial unrest seen in other euro zone countries hit by debt woes.

Feb 26, 2013

Ireland says will stay on bailout exit track regardless of Italy uncertainty

DUBLIN (Reuters) – The Irish government, seeking to return fully to bond markets and move on from its international bailout, said on Tuesday it would not be put off track by any euro zone uncertainty stemming from Italy’s election.

Actions by European partners, in particular the European Central Bank’s pledge to buy bonds if needed, were still in place.

Feb 25, 2013

Royalty Pharma proposes $6.6 bln bid for Elan

DUBLIN, Feb 25 (Reuters) – Investment firm Royalty Pharma
has made a $6.6 billion bid approach to Elan, seeking to
scupper the Irish drugmaker’s plan to spend most of the proceeds
from a major drug sale on deals and instead give the money to
shareholders.

Royalty Pharma, which buys royalty streams of patented
drugs, said on Monday it planned to offer $11 per share, a 4
percent premium to Elan’s closing share price on Friday
in New York, where the company has its primary listing.