NEW YORK, June 7, 2013 /PRNewswire/ -- In accordance with Rule 17.1 and Rule 2.9 of the Irish Takeover Rules and Rule 14e-1 of the US Exchange Act, Echo Pharma Acquisition Limited ("Royalty Pharma") today announced acceptance levels of its Increased Offer for Elan Corporation (NYSE: ELN). Background On 2 May 2013, Echo Pharma Acquisition Limited ("Royalty Pharma") made an offer for the entire of the issued and to be issued share capital of Elan Corporation, plc ("Elan") (the "Original Offer"). On 20 May 2013, Royalty Pharma announced the terms of a revision to the Original Offer (the "Increased Offer"). The Increased Offer was made on 23 May 2013 and is an all cash offer of US$12.50 per Elan Share (including each Elan Share represented by an Elan ADS). The full terms of, and conditions to, the Increased Offer and the procedure for acceptance are set out in the revised offer document despatched by Royalty Pharma on 23 May 2013 (the "Revised Offer Document"). The initial closing date for the Increased Offer, as set out in the Revised Offer Document, was 1:00 p.m. (Irish time) / 8:00 a.m. ( New York City time) on 6 June 2013 (unless extended). On 6 June 2013, Royalty Pharma announced that the closing date for the Increased Offer was extended until 1:00 p.m. (Irish time) / 8:00 a.m. ( New York City time) on Friday, 21 June 2013 and will remain open for acceptance until that time (unless further extended). A reference in this announcement to the "Offer" means the Original Offer (including where the context so requires, any subsequent revision, variation, extension or renewal of the Original Offer, including in connection with the Increased Offer). Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Revised Offer Document.