Medicine royalties for its bid for Irish drugmaker Elan's first decided to challenge to promote the court ordered the withdrawal.
Royalties provided earlier this month to pay $13 each YiLong share, plus a $2.50 a share, based on the performance of the milestone payment.
Ireland's takeover panel asked royalties to withdraw the offer, if the Elan's shareholders approved a stock repurchase plan, announced on Monday they voted. Royalties, based in New York has said it will buy committee requirements challenged in court, but it said that it withdraw its judicial review request now.
Elan is exploring a sale of the company, it has been said a formal sales process can participate in royalties.
Elan's share price rose 19 cents to $13.70 in pre-market trading.



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