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Royalty Pharma Statement Regarding Elan Proposal

regarding returning cash to shareholders were also vague and reflected Elan's lack of focus on enhancing shareholder value. In general, Royalty Pharma believes that Elan expressed little concern for the views of Elan Shareholders during the Tysabri Conference Call, which included the following statements[12]:

  • "But to emphasize, the US$3.25 billion is a lot of money. There is a lot of assets out there. Our goal as we sit here today is that the majority of that capital over time should be put into businesses, again, in a balanced way. But again, some portion of it, given that we brought forward the value, will be returned to shareholders at the right time and post-close and as we sequence it against other transactions."
  • "As far as usage of this capital upon close, they include, but are not limited to, therapeutic opportunities across broad therapies.  We are basically agnostic to therapeutic focus."
  • "we are somewhat agnostic to different geographies . . . they all hold some appeal, depending on what part of the geography you're interested in . . .  we are not particularly interested in large markets, large indications of primary care, but large markets in smaller indications would be attractive and vice versa."
  • "And we still do like some very specific, unique science things."
  • "At the right time and in the right manner, we would intend to provide some portion of this capital back to shareholders over time."
  • "we are not going to satisfy all investors on every category . . . So anyway, everyone can vote with their feet."
  • The Elan Stock price fell by approximately 10 percent on the day of the Tysabri Conference Call.

    Elan's announcements since its receipt of Royalty Pharma's Proposal

    Royalty Pharma believes that Elan has changed its messages since receiving Royalty Pharma's Proposal, particularly with regard to shareholder returns.

    Having previously said that sharehol

    SOURCE RP Management, LLC
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    All rights reserved

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