Pharmaceutical firm Elan has initiated a formal sale process following the approval this morning of its share buyback programme. In accordance with the terms of Royalty Pharma's $6.7 billion acquisition offer, this approval means that its offer is now in danger of lapsing pending court proceedings on this issue later this week.

Shareholders did not approve the other measures brought forward at this morning's egm in Dublin's Davenport Hotel. These were: the Theravance Transaction, the AOP transaction and the ELND005 transaction.

As announced on Friday, Elan has now initiated a formal sale process and Royalty Pharma has been invited to participate in that process and to bring forward a new offer should it so desire.