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Royalty Pharma Posts Investor Presentation Summarizing Further Increased Offer For Elan
Date:6/10/2013

NEW YORK, June 10, 2013 /PRNewswire/ -- Royalty Pharma today posted a new investor presentation summarizing its Further Increased Offer for Elan Corporation, plc (NYSE: ELN) and urging Elan shareholders to VOTE AGAINST ALL FOUR of Elan's proposals at its upcoming Extraordinary General Meeting on June 17, 2013.  A copy of the new investor presentation is available at www.royaltypharma.com.

ADS holders who hold in street name must vote by Wednesday June 12 at 11:59 p.m. New York time.

Ordinary share owners have until 10:00 a.m. Irish Time on Saturday June 15 to vote by proxy through Computeshare, Elan's transfer agent.

The Further Increased Offer represents compelling, immediate value in the form of $13.00 in cash, plus continued upside participation through a contingent value right (CVR) worth up to $2.50 per share, potentially valuing each Elan share at up to $15.50.

Royalty Pharma reiterated its view of the Elan transactions:

  • Theravance: Elan overpaid by approximately $300-500m and the subset of Theravance royalties Elan agreed to buy are at a real risk of being cannibalized by other Theravance products that did not get included in the deal
  • AOP: Unjustifiable valuation at 17x EBITDA and 4.5x current revenue, extremely high multiples for what is essentially a drug distribution business
  • Speranza: disguised write-off vehicle for ELND-005, a failed drug that Elan has inexplicably been pushing forward, spending $143m on it through 2012
  • Share Buyback: As Glass-Lewis report says, the proposed share repurchase "lacks financial justification". Solely proposed to fend off Royalty Pharma

The consideration is not conditional on due diligence and has an acceptance t
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SOURCE Royalty Pharma
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1. Royalty Pharma Statement Regarding Withdrawal of Elan Lawsuit
2. Royalty Pharma Urges Elan Shareholders to Vote AGAINST ALL FOUR Elan Resolutions Today
3. Royalty Pharma Acceptances Announcement
4. Royalty Pharma Responds To Elans Tysabri Valuation
5. Royalty Pharma Response To Elans "Categorical View On Value"
6. Royalty Pharma Recommends Elan Shareholders vote "NO" on each of the Elan Resolutions at the Elan extraordinary general meeting
7. Royalty Pharma Issues Investor Presentation Highlighting The Strategic And Financial Advantages Of Its Offer To Acquire Elan For $12.50 Per Share In Cash
8. Royalty Pharma Discloses Acceptance Levels of Original Offer for Elan Pursuant to Irish and United States Regulatory Requirements
9. Royalty Pharma Reduces Acceptance Condition to 50% Plus One Share
10. Royalty Pharma Increases Offer for Elan to $12.50 Per Share in All Cash
11. Selexis SA Sells Rights to Royalty Payments for More Than 15 Biologic Development Programs to Ligand Pharmaceuticals
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