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Royalty Pharma Issues Investor Presentation Highlighting The Strategic And Financial Advantages Of Its Offer To Acquire Elan For $12.50 Per Share In Cash
Date:5/28/2013

NEW YORK, May 28, 2013 /PRNewswire/ -- Royalty Pharma announces today that it has issued an investor presentation related to Royalty Pharma's increased offer to acquire Elan Corporation, plc (NYSE: ELN) for $12.50 per share in cash. The presentation outlines why Royalty Pharma believes Elan Stockholders should accept its compelling, fully-financed and cash confirmed offer, which is not conditional on due diligence.  Royalty Pharma also discusses why Elan Stockholders should be concerned about questionable decisions made by Elan and its leadership in recent weeks.  The presentation may be found at www.royaltypharma.com.  

Several key points from the presentation are included here below:

HIGHLIGHTS COMPELLING VALUE OFFERED BY ROYALTY PHARMA

  • Royalty Pharma is Offering a Compelling Premium: Royalty Pharma's $12.50 all cash per share offer is an extremely compelling value proposition for Elan Stockholders that represents a 42% premium to the price paid by Biogen in the Tysabri Transaction and an overall premium of 45% to the Undisturbed Elan Enterprise Value.
  • Acceptance Threshold Now Just 50% Plus One Share: Notably, Royalty Pharma has agreed to waive down the Acceptance Threshold for the Increased Offer from 90% to 50% of the Maximum Elan Shares Affected plus one Share, provided that all conditions of the Increased Offer are satisfied.
  • Royalty Pharma's Offer is Contingent on Stockholders Not Approving Elan's Proposed Transactions:  If Elan Stockholders approve Elan's proposed transactions, which would result in significant value destruction, Royalty Pharma's $12.50 all cash offer will be withdrawn. 

STOCKHOLDERS SHOULD VOTE AGAINST ELAN'S HIGHLY UNCERTAIN AND UNDISCIPLINED
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SOURCE Royalty Pharma
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