NEW YORK, June 11, 2013 /PRNewswire/ -- Royalty Pharma today announces that it has reluctantly filed judicial review proceedings related to the decision of the Irish Takeover Panel requiring it to lapse its Further Increased Offer in the event that the ELND005 Transaction and / or the Share Repurchase Program are approved at the Elan (NYSE: ELN) EGM on 17 June 2013.
Royalty Pharma had requested permission from the Irish Takeover Panel to the effect that it would not be obliged to lapse (withdraw) the Offer in the event that the ELND005 Transaction and / or the Share Repurchase Program were approved at the Elan EGM. On 6 June 2013, the Irish Takeover Panel ruled that Royalty Pharma will be required to lapse the Further Increased Offer in the event that either the ELND005 Transaction and / or the Share Repurchase Program are approved at the Elan EGM.
If Elan shareholders approve either the ELND005 Transaction and / or the Share Repurchase Program, Royalty Pharma is concerned that the Irish Takeover Panel's decision will deprive Elan shareholders of the opportunity to consider Royalty Pharma's Further Increased Offer.
IN ORDER TO ENSURE THAT ELAN SHAREHOLDERS HAVE AN OPPORTUNITY TO CONSIDER ROYALTY PHARMA'S FURTHER INCREASED OFFER, ELAN SHAREHOLDERS ARE URGED TO VOTE "AGAINST" ALL FOUR RESOLUTIONS PROPOSED BY ELAN AT ITS UPCOMING EGM ON 17 JUNE 2013, INCLUDING THE ELND005 TRANSACTION AND THE SHARE REPURCHASE PROGRAM.Royalty Pharma will withdraw these judicial review proceedings if Elan shareholders vote down all four resolutions proposed by Elan at its upcoming EGM on 17 June 2013. Capitalized terms used but not defined in this announcement have the meaning given to them in Royalty Pharma's Further Revised Offer Document.