Elan shareholders have approved a share repurchase programme at an extraordinary general meeting in Dublin.
However the company’s three other proposals, relating to a series of planned acquisitions, did not gain the support of investors.
In a statement the Irish biotech firm said that the acceptance of the share repurchase programme meant that investment firm Royalty Pharma’s hostile bid would now lapse.
Royalty had initially made its bid continent on all four proposals being rejected but later sought to revise that condition, a move that was rejected by Ireland’s Takeover Panel.
Royalty is due before the High Court on Wednesday to seek permission to challenge the panel’s decision.
Royalty Pharma will argue that it should be allowed to amend its offer in light of the approved buyback scheme.
On Friday Elan announced that it was beginning the process of finding a buyer for its business, stating that it had received expressions of interest from a number of parties.
