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

that the Proposal ascribes significant value to the portion of the Tysabri Royalty that extends beyond the drug's remaining exclusivity period (which ends in 2020[3]). This statement is based on Royalty Pharma's analysis of publicly available forecasts for Tysabri revenue over the period of the drug's remaining exclusivity period.

Elan's other financial attributes

Royalty Pharma believes that Elan's other financial attributes are limited to the available tax losses created by net operating losses and Elan's Irish tax domicile.

Royalty Pharma values the tax losses at a maximum of US$187.5 million (US$0.3 per Elan Stock). This is calculated by multiplying the Irish corporate tax rate of 12.5 percent by the US$1.5 billion of net operating losses that Elan has suggested are available to it[4]. This calculation is based on the scenario that the net operating losses are used in full and are all used upfront. If in fact the net operating losses are used over time, the real net present value of the tax benefit from these net operating losses would be lower. Royalty Pharma proposes, as part of its due diligence, to examine whether the tax benefit from these net operating losses would be useable by Royalty Pharma or any other future acquiror.

Royalty Pharma believes that Elan's Irish tax domicile does not differentiate Elan from other pharmaceutical companies in low-tax jurisdictions (by way of example: Jazz and Valeant), nor does it follow that the acquisition by an Irish holding company of a foreign target in a higher tax jurisdiction such as the U.S. would of itself result in a material reduction in the target's effective tax rate.

Offsets

Royalty Pharma believes that the value ascribable to Elan's assets and financial attributes will be offset at least in part by the negative value of the US$170-190 million[5] (US$0.3 per Elan Stock) annual operating expenses in 2013 that Elan maintains (which include expenses ass
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SOURCE RP Management, LLC
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