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Royalty Pharma Posts Further Revised Offer Document In Offer For Elan Corporation, Plc ("Elan")

NEW YORK, June 10, 2013 /PRNewswire/ -- Following its announcement on 7 June 2013, Echo Pharma Acquisition Limited ("Royalty Pharma") has today issued a further revised offer document dated 10 June 2013 (the "Further Revised Offer Document"). In the Further Revised Offer Document, Royalty Pharma confirms the Offer Price for Elan Corporation, plc (NYSE: ELN) set forth in its Rule 2.5 Announcement of 7 June 2013 (please see the Further Revised Offer Document for details).

The Offer Price comprises $13.00 per share in cash plus a contingent value right ("CVR") worth up to $2.50 per share upon the achievement of certain CVR Payment Events. The CVR, based on feedback from Elan Stockholders, enables participation in any future upside of Tysabri including approval in secondary progressive multiple sclerosis and the achievement of certain sales milestones that are detailed further in the Further Revised Offer Document.

The Further Revised Offer Document which contains, amongst other things, the full terms of, and the conditions to, the Offer is being posted to Elan Shareholders today together with the Further Revised Form of Acceptance and will be available at www.royaltypharma.com.

The Offer will remain open for acceptance until 1:00 p.m. (Irish time) / 8:00 a.m. ( New York City time) on Monday, 24 June 2013 and will remain open for acceptance until that time. Full details of the procedure for accepting the Offer are set out in the Further Revised Offer Document.

Royalty Pharma hopes Elan shareholders will give Royalty Pharma's Further Increased Offer careful consideration.

Sincerely,

Pablo Legorreta

A copy of the Further Revised Offer Document is available for inspection at the offices of Matheson, 70 Sir John Rogerson's Quay, Dublin 2, Ireland.

Definitions used in the Further Revised Offer Document have the same meaning when used in this announcement, unless the context requires otherwise.

J.P. Morgan, together with its affiliate J.P. Morgan Cazenove, BofA Merrill Lynch, together with its affiliate Merrill Lynch International, Groton Partners and Investec are acting as financial advisers to Royalty Pharma.

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