Elan Puts Itself Up for Sale LONDON - Elan's battle to fend off a hostile bid by Royalty Pharma of the United States took a new turn on Friday when it decided to put itself up for sale. The step comes four months after Royalty Pharma first made an offer for Elan, the Irish drug maker, challenging the company's stand-alone strategy. Royalty Pharma sweetened its hostile takeover offer for Elan this month for a second time to $13 for each Elan share and an option to receive as much as $2.50 a share extra. Elan rejected the offer as too low. Shares of Elan jumped 8.7 percent in trading in Dublin after the announcement. But on Friday, Elan said that it would put itself up for sale "in light of the expressions of interest received to date" and that "Royalty Pharma will be invited to participate if they so wish." Elan said on Monday that it had received several unsolicited inquiries about its business. "Elan board and management are aligned in maximizing the full value potential of the business on behalf of its shareholders," Elan said in a statement. We will update the market as appropriate. Royalty Pharma reacted to Friday's announcement by reiterating its latest takeover offer, adding that "Elan shareholders should realize that Elan has only announced a sales process because of Royalty Pharma's offer." Royalty Pharma's offer for Elan, which Elan said its shareholders should reject, values the company at $6.7 billion, or $8 billion including the options. Royalty Pharma increased its offer after only 7.5 percent of Elan's shareholders accepted the earlier proposal. Elan shareholders are scheduled to gather for an extraordinary shareholder meeting on Monday to vote on four acquisitions that Elan negotiated after Royalty Pharma's initial approach. Royalty Pharma has been critical of the value of the transactions and said its offer for Elan would lapse if Elan shareholders approved the transactions. Citigroup, Davy Corporate Finance, Morgan Stanley and Ondra Partners are advising Elan on the decision. A&L Goodbody and Cadwalader, Wickersham & Taft are providing legal advice.