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Royalty Pharma Reduces Acceptance Condition to 50% Plus One Share
Date:5/23/2013

NEW YORK, May 23, 2013 /PRNewswire/ -- Echo Pharma Acquisition Limited ("Royalty Pharma") announced today that it has committed to waive down the Acceptance Threshold from 90 percent to 50 percent of Maximum Elan Shares Affected plus one Elan Share in accordance with the terms of the Revised Offer Document issued today, subject to the conditions summarized below.

Under the terms of the Increased Offer, Royalty Pharma is offering to acquire Elan (NYSE: ELN) for $12.50 per share in cash. The Increased Offer represents a compelling value of $4.6 billion for Elan's Tysabri Royalty, a 42 percent premium to the $3.25 billion at which Elan sold approximately half of its interest in Tysabri to Biogen. The Increased Offer also represents a premium of 45 percent to the Undisturbed Elan Enterprise Value.

In a letter sent to Elan Stockholders today, Royalty Pharma outlined and reiterated the key points of its Increased Offer:

  • The Increased Offer of $12.50 per Elan Share in cash is fully financed and is not conditional on due diligence;
  • The Increased Offer is conditional on Elan Stockholders voting against the Theravance Transaction and all transactions announced by Elan on May 20, 2013 that are put to a shareholder vote; and
  • Royalty Pharma has committed to waive the Acceptance Threshold from 90 percent to 50 percent of Maximum Shares Affected plus one Elan Share in accordance with the Revised Offer Document.

"The Elan directors have failed to maintain an appropriate balance between supporting management's acquisition plan and their fiduciary responsibilities to Elan shareholders in respect of Royalty Pharma's offer," said Pablo Legorreta , Founder and Chief Executive Officer of Royalty Pharma. "We believe that the increased offer provi
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SOURCE Royalty Pharma
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