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Royalty Pharma Statement Regarding Elan Proposal
Date:3/6/2013

NEW YORK, March 6, 2013 /PRNewswire/ -- RP Management, LLC ("Royalty Pharma") remains committed to acquiring Elan (NYSE: ELN) on the terms set out in the Proposal Announcement of February 25, 2013, but continues to be disappointed that the Board of Elan has not engaged in discussions. Royalty Pharma is ready and able to move quickly to implement an offer and believes that it will be able to complete due diligence in 20 days.

Royalty Pharma announces today that it is meeting with a number of Elan Shareholders to discuss the Proposal. For the purposes of these meetings, Royalty Pharma has produced a presentation which it is posting today on its website, and is making this announcement to conform with the disclosure and other requirements of the Irish Takeover Rules.

The presentation may be found at www.royaltypharma.com/index.php/proposedofferforelan.

Key messagesRoyalty Pharma believes that:

  • the Proposal would, if completed, allow Elan Shareholders to immediately receive full value for their Elan Stock in cash;
  • the Proposal presents a compelling financial proposition for Elan Shareholders based on a variety of different premia and multiple calculations;
  • there are significant execution risks associated with Elan's new acquisition strategy;
  • Elan's current senior management team lacks a successful track record in making acquisitions or in-licensing late stage products at Elan;
  • the Proposal attributes a higher value to the Tysabri Royalty than is implied by the terms of the Tysabri Transaction;
  • following the completion of the Tysabri Transaction, Elan will have little or no strategic value and the field of likely acquirers of Elan has narrowed sharply; and
  • the Board of Elan's refusal to engage with Royalty Pharma is depriv
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  • SOURCE RP Management, LLC
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