Royalty Pharma Calls News of Elan (ELN) Sales Process 'Frustrating Tactic'

Royalty Pharma notes today's announcement by Elan Corporation, plc (NYSE: ELN) that it intends to explore a sale of the Company. Royalty Pharma believes it to be a clear frustrating tactic that offers shareholders no certainty that a deal will ever be reached. Royalty Pharma calls on holders of ordinary shares to vote today AGAINST all four resolutions up for consideration at Elan's EGM on Monday June 17 in order to preserve Royalty Pharma's formal offer for Elan.

In response to the announcement of a sales process, Royalty Pharma issued the following statement:

"Elan shareholders should realize that Elan has only announced a sale process because of Royalty Pharma's offer," said Pablo Legorreta, chief executive officer of Royalty Pharma. "We note, however, that:

*neither Elan nor any of its four financial advisers has contacted Royalty Pharma,
there can be no assurance that any sale process that is conducted will be fair and realistic,

*there can be no assurance that any proposal to acquire Elan will be presented to Elan Shareholders, and

*given that Royalty Pharma's offer of $13 plus an up to $2.50 CVR has been deemed 'grossly inadequate' by Elan, there can be no assurance that Elan will not conclude that all other offers they receive are 'grossly inadequate.

The only thing that is certain for Elan shareholders is Royalty Pharma's formal offer of $13 per share plus an up to $2.50 CVR. If shareholders want to have the option to choose between Royalty Pharma's offer or a sales process, they should vote against all four of Elan's proposals, especially the Share Repurchase Program."

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