(v) calculation of Broker Projected Revenue from third party reports – the median of revised revenue forecasts sourced from broker reports published following the announcement of the Tysabri Transaction on February 6, 2013 and prior to the Proposal Announcement by Berenberg Bank, Cowen, Davy Research, Deutsche Bank, Morgan Stanley, RBC Capital Markets and UBS;
(vi) calculation of median projected EBITDA, earnings per share and revenue multiples for the Large Cap Biotech Companies and the Specialty Pharma Companies is based on multiples sourced from I/B/E/S consensus as downloaded from FactSet on February 22, 2013, FactSet on February 22, 2013 (for share prices and numbers of shares outstanding) and company filings (for balance sheet data);
(vii) Biogen's presentation made to investors on February 6, 2013 following the announcement of the Tysabri Transaction;
(viii) CallStreet transcript of Tysabri Conference Call on February 6, 2013;
(ix) Elan's 20-F SEC filing on February 12, 2013 for the financial year ended December 31, 2012; and
(x) Alkermes plc (ALKS) 13-D SEC filing on February 6, 2013.
J.P. Morgan is lead financial advisor to Royalty Pharma with BofA Merrill Lynch and Groton Partners acting as co-advisors.
This announcement does not amount to a firm intention to announce an offer and there can be no certainty that an offer will be forthcoming (even if the pre-conditions noted above are satisfied or waived) or, if made, as to the conditions of any offer.ENQUIRIES
Tel: +1 212 883 2275
J.P. Morgan (lead financial advisor)
Henry Gosebruch (New York, Tel: +1 212 270 6000)
Dwayne Lysaght / James Mitford (London, Tel: +44 (0) 20 7742 4000)
BofA Merrill Lynch (financial advisor)
Ivan Farman (N
|SOURCE RP Management, LLC|
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