Royalty Pharma, an investor in royalty streams from pharmaceuticals, raised its offer to buy Elan Corp. by 5 percent to $6.7 billion, the second increase in its attempt to take over the Irish biotechnology company.

The all-cash offer of $13 per American depositary receipt is higher than a previous bid of $12.50 and compares with the $12.68 closing price on June 6. The new bid potentially values each Elan share at as much as $15.50 if the multiple sclerosis drug Tysabri meets certain sales and development goals, Royalty Pharma said in a statement today. If all three targets are met, Royalty would pay a contingent value right of $2.50 a share, for a total of $8 billion.

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