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

ociated with ELND005). There are also US$60-80 million of remaining expenses associated with bapineuzumab in 2013[6] (Royalty Pharma believes there to be no apparent value in excess of the investment requirement).

Other considerations

As described elsewhere in this announcement, Royalty Pharma believes that there is a very real possibility that Elan could destroy value through its acquisition strategy.

A compelling financial propositionThe Proposal Price represents a substantial premium to comparable companies' trading multiples

The Proposal Price represents:

  • a Proposal Enterprise Value for Elan equal to 12.2x 2015E Broker Projected EBITDA (the median 2015E projected EBITDA multiple for the Specialty Pharma Companies is 5.9x[7], and for the Large Cap Biotech Companies is 9.1x);
  • a Proposal Price equal to 30.6x 2015E Broker Projected Earnings Per Share (the median 2015E projected earnings per share multiple for the Specialty Pharma Companies is 8.7x, and for the Large Cap Biotech Companies is 11.3x); and
  • a Proposal Enterprise Value for Elan equal to 8.3x 2015E Broker Projected Revenue (the median 2015E projected revenue multiple for the Specialty Pharma Companies is 2.4x and for the Large Cap Biotech Companies is 4.8x).

    • Royalty Pharma believes that it is useful to compare Elan's trading multiples with the trading multiples of other companies with acquisition-led business models similar to Elan's proposed strategy.

    For example, Royalty Pharma considers Valeant and Jazz to be successful specialty pharmaceutical companies whose business models include significant growth through acquisitions. As with Elan, these companies also have non-US tax domiciles. In contrast to Elan, Royalty Pharma believes that these companies have established operations enabling them to derive synergies from transactions.

    Valeant is trading on a 8.7x 2015E projected earnings per share multiple[8] and Jazz
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    SOURCE RP Management, LLC
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