NEW YORK (AP) -- Royalty Pharma is raising its offer to buy Elan (UNKNOWN:UNKNOWN) on the condition that shareholders reject the Irish drugmaker's push to refocus its business through a string of recently announced deals.

Royalty says it will pay $12.50 in cash for each share of Elan Corp. PLC. That adds up to a total value of about $7.5 billion.

Royalty offered in February to buy Elan for $11 per share and later raised that bid to $11.25 per share. Elan has said the $11.25 bid was much too low and said today that it would take the latest offer under review.

Royalty is a privately held New York company that buys royalty interests in drugs and late-stage drug candidates.

Elan plans to spend $1 billion for royalties from some respiratory treatments. It also plans to buy a privately held drugmaker and stakes in two others.

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