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Royalty Pharma Increases Offer for Elan to $12.50 Per Share in All Cash
Date:5/20/2013

f the transactions announced today
  • Despite this apparent lack of information, the Elan Board has agreed to recommend the Theravance Transaction to Elan Stockholders with no "fiduciary out" to change its recommendation:
    • The Elan Board has compromised its ability to freely advise Elan Stockholders regarding Royalty Pharma's offer and the Theravance Transaction, thereby making itself irrelevant to stockholders' decisions on these matters
    • The Elan Board cannot recommend Royalty Pharma's offer – at any price – without breaching the Theravance Agreement
    • The Elan Board must recommend the Theravance Transaction even if the value of what it has agreed to buy is impacted by material adverse changes
  • Royalty Pharma believes it is highly irresponsible and "off-market" to agree to such provisions
  • If the Theravance Transaction and the transactions announced today serve as examples, Royalty Pharma believes stockholders should be very concerned about future value destruction and undue risk-taking by Elan
  • At a time when Elan Stockholders are evaluating Royalty Pharma's offer, the Elan directors have failed to maintain an appropriate balance between supporting management's acquisition plan and their fiduciary responsibilities in respect of Royalty Pharma's offer. The Elan Board should have retained all options to maximize shareholder value

    A copy of the Announcement is available at www.royaltypharma.com

    Definitions used in the Announcement have the same meaning when used in this announcement, unless the context requires otherwise.

    J.P. Morgan, together with its affiliate J.P. Morgan Cazenove, BofA Merrill Lynch, together with its affiliate Merrill Lynch International, and Groton Partners are acting as financial advisors to Royalty Pharma.

    Further information
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    SOURCE Royalty Pharma
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