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

ion and Elan discussed its acquisition strategy.
  • 18 February 2013: Royalty Pharma called Elan's Chairman requesting an in-person meeting to discuss the Proposal.
  • 20 February 2013: In-person meeting with Elan's Chairman; offer letter containing the Proposal delivered to Elan's Chairman.
  • 22 February 2013: Elan issued press release reiterating its acquisition strategy, and announcing a US$1 billion share buy-back programme and debt refinancing. Elan failed to disclose that it has received Royalty Pharma's Proposal.
  • 25 February 2013: Royalty Pharma announced the Proposal to acquire Elan for US$11 per Share / ADS; Elan confirms receipt of Proposal and characterizes it as "highly conditional". Royalty Pharma has had no formal response to its Proposal to date.
  • 4 March 2013: Elan announced plan to distribute 20 percent of the Tysabri Royalty to Elan Shareholders through dividends.
  • This week: Royalty Pharma is meeting Elan Shareholders to move towards a recommended transaction.
  • APPENDIX III: Royalty Pharma's track record of raising capital in the debt and equity marketsThe following chronology of recent events is provided as further background to Royalty Pharma's Proposal and representative of its ability to access the debt and equity markets.

  • In November 2012, Royalty Pharma raised a US$705 million senior secured term loan A facility.
  • In October 2012, Royalty Pharma raised US$2,718 million in senior secured term loan facilities.
  • In May 2012, Royalty Pharma raised US$600 million of incremental term loan B debt.
  • In November 2011, Royalty Pharma raised US$345 million in new equity.
  • In August 2011, Royalty Pharma raised a US$2,750 million senior secured term loan B facility due in 2016 and 2018.
  • In August 2011, Royalty Pharma raised a US$850 million senior secured term loan A facility.
  • In July 2011, Royalty Pharma raised a US$400 million add-on t
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  • SOURCE RP Management, LLC
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