Elan ($ELN) and Royalty Pharma have been in a rapid back-and-forth of one-upmanship to win the hearts and votes of Elan shareholders. But the latest offer from Royalty may turn the tide. Royalty wants Elan's royalty revenue stream off of the blockbuster multiple sclerosis drug Tysabri. Biogen Idec ($BIIB) paid Elan $3.25 billion in February for the 50% of Tysabri Elan still owned. Elan shareholders can let Elan management take the money and start over as a drug company, or it can accept with Royalty's offer. Guillaume van Renterghem, an analyst at UBS AG in London, told Bloomberg he thinks Royalty may win out with the latest bid. "$13 a share is a game changer; it's a very, very generous offer," he said. Story | More