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Royalty Pharma Response To Elan's "Categorical View On Value"
Date:5/30/2013

NEW YORK, May 30, 2013 /PRNewswire/ -- Commenting on Elan's (NYSE: ELN) announcement of last night, Pablo Legorreta , Chief Executive Officer of Royalty Pharma, said: "In its announcement, Elan's Board makes the unrealistic claim that the Tysabri royalty it owns is worth between $6.1 billion and $6.6 billion*.  Elan shareholders should ask themselves, if this is true, why did Elan sell approximately half of the Tysabri economics that it owned to Biogen in February 2013 for $3.25 billion, 29% less than the $4.6 billion value implied by Royalty Pharma's offer, and 46% to 51% less than what the Elan Board is now claiming the other half is worth?  The only thing that has occurred since Elan's Tysabri sale to Biogen is the very successful launch of Biogen's competitive drug Tecfidera.  We will have further comment on Elan's valuation claims in the coming days."

*Based on Elan's value range for Tysabri of US$11.85-13.00 per share

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.

Further information relating to the Increased Offer, including all announcements issued by or on behalf of Royalty Pharma, is available at www.royaltypharma.com

FURTHER INFORMATION
The distribution of this announcement in, into, or from, certain jurisdictions other than Ireland, the United Kingdom and the United States may be restricted or affected by the laws of those jurisdictions.  Accordingly, copies of this announcement are not being, and must not be, mailed or otherwise forwarded, distributed or sent in, into,
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SOURCE Royalty Pharma
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