News in brief: Hiscox bows out on a high note, Elan is a £4.4bn target for Royalty, Blizzards ‘hobble mortgages drive’
Robert Hiscox, chairman of the Lloyds insurer which bears his name, bowed out on a high today, telling investors £200 million would be returned to them after Hurricane Sandy failed to blow a hole in 2012’s profits which soared to £217.1 million. Hiscox, who steps down tomorrow, said: “As we grow bigger and more balanced, we can absorb Mother Nature’s punches.”
Elan is a £4.4bn target for Royalty
Elan, the Irish drugmaker, has been the subject of a takeover bid by Royalty Pharma. The $11-a-share offer from the investment firm, which acquires royalty streams from pharmaceutical innovations, values Elan at $6.6 billion (£4.4 billion). The offer represents a 12.6% premium on the present $10.35 share price. Royalty Pharma wants to capture the revenues from Elan’s multiple sclerosis treatment called Tysabri. Elan which has its primary listing on the New York Stock Exchange, announced plans earlier this month to sell its interest in Tysabri to a US partner Biogen Idec.
Blizzards ‘hobble mortgages drive’
January’s blizzards put the brakes on the growing momentum in the mortgage market after the first fall in the number of home loans since September, according to the British Bankers’ Association. Lenders made 32,288 loans for home purchase, down 3.4% on December. Director David Dooks said: “January’s severe weather impacted adversely on an already subdued picture.
