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

des Elan Shareholders an attractive financial alternative that will allow them to realize value for their Elan Stock in cash immediately. We encourage them to vote against Elan's announced transactions and tender their shares in favor of Royalty Pharma."

A copy of the Revised Offer Document, a letter to Elan shareholders and other related materials are available at www.royaltypharma.com.

Acceptance Condition Waiver – Conditions

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 the Elan Board recommends (and does not withdraw, modify or alter that recommendation) the Theravance Transaction as is required by the Theravance Agreement and all other conditions of the Increased Offer are satisfied. Further details are set out in the Revised Offer Document.

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 advisers to Royalty Pharma.

Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Revised Offer Document.

About Royalty Pharma

RP Management is the investment manager to entities investing in royalty interests in marketed and late stage biopharmaceutical products, with a portfolio of royalty interests in 38 approved and marketed products (including Abbott's Humira®, Johnson and Johnson's Remicade®, Merck's Januvia®, Gilead's Atripla®, Truvada®, and Emtriva®, Pfizer's Lyrica®, Amgen's Neupogen® and Neulasta®, and Genentech's Rituxan®) and two products pending approval. Such product portfolio is well-diversified across biopharmaceutical products and treatment areas and consists of stable and long-dated assets and includes ro
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SOURCE Royalty Pharma
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