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Royalty Pharma Recommends Elan Shareholders vote "NO" on each of the Elan Resolutions at the Elan extraordinary general meeting
Date:5/29/2013

NEW YORK, May 29, 2013 /PRNewswire/ -- Royalty Pharma announces its recommendation that the shareholders of Elan Corporation, plc (NYSE: ELN) vote "NO" on each of the four proposals offered by Elan at its upcoming extraordinary general meeting on June 17, 2013.  Royalty Pharma will also be soliciting proxies from the shareholders of Elan to vote against each of the four proposals via a GREEN proxy card that will accompany Royalty Pharma's proxy statement distributed in connection with the Elan extraordinary general meeting.

On May 2, 2013, Royalty Pharma commenced a tender offer to purchase all of the outstanding ordinary shares of Elan for up to US$11.25 in cash per share.  On May 23, 2013, we increased our offer price to US$12.50 in cash per share, which represents:

  • a 42% premium to the US$3.25 billion price at which Elan sold approximately half of its interest in Tysabri to Biogen;
  • a 45% premium to the Undisturbed Elan Enterprise Value; and
  • an 18% premium to the closing price of US$10.60 for Elan ADSs on the New York Stock Exchange on February 22, 2013, the last trading day prior to commencement of the offer.

"Notwithstanding the compelling value of our increased offer, the Elan Board has consistently refused to engage with us," said Pablo Legorreta , Chief Executive Officer of Royalty Pharma. "Instead, the Elan Board has embarked on a 'strategy' of pursuing a frenetic jumble of value destructive acquisitions, dispositions, minority investments, share repurchases, share issuances, debt redemptions and debt issuances in, what we consider, an obvious attempt to fend off Royalty Pharma's increased offer."

"We are seeking your support in opposing each of (i) the Theravance Transaction, (ii) the AOP acquisition, (ii
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SOURCE Royalty Pharma
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