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

ders "can vote with their feet", on February 22, 2013 Elan announced a US$1 billion share repurchase programme and noted that "We greatly value our shareholder relationships and the access to equity capital these relationships give us and we appreciate the time horizon of many of our long term holders. We will continue to work on ways to unlock incremental value to their direct benefit". Notably, Elan failed to disclose that it had received Royalty Pharma's Proposal.

On February 25, 2013, after Royalty Pharma released the Proposal Announcement, Elan stated publicly that it would consider any credible proposal, implying that Royalty Pharma's Proposal was not credible.

On March 4, 2013, Elan announced a plan to distribute 20 percent of the Tysabri Royalty to shareholders through dividends. Deutsche Bank and RBC Capital Markets have calculated that this would imply a dividend yield of only 1-2 percent[13] in the short term, and this  announcement provides no further clarity about Elan's plans for the remaining 80 percent of the Tysabri Royalty. The Elan CEO made a number of remarks in an interview[14] on that day that rejected entertaining any discussions with Royalty Pharma, stating that:

  • "We're not in any discussions with [Royalty Pharma] at all on any topic and we don't see any need to have those discussions."
  • "We don't see Royalty Pharma as a credible counterparty to have any strategic discussions with. We're not looking for any price."
  • Accordingly, Royalty Pharma believes that Elan is still not focused on maximising shareholder value, and that Elan Shareholders should treat Elan's recent change of heart regarding returning cash to Elan Shareholders with scepticism.

    The reaction of analysts to the Tysabri Transaction

    Following the announcement of the Tysabri Transaction, four analysts (AlphaValue, Deutsche Bank, RBC Capital Markets, and UBS) cut their ratings on the Elan Stock and nine analysts (Al
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    SOURCE RP Management, LLC
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