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Royalty Pharma proposes to buy Elan for $11 per share

Royalty Pharma announces that contact was made on Monday February 18, 2013 with the Chairman of the Board of Elan (ELN), followed by a meeting then taking place on Wednesday February 20, 2013, at which an indicative proposal was made to acquire the entire issued and to be issued share capital of Elan. Royalty Pharma is proposing to make an offer for Elan of $11for every Elan share and ADS. Royalty Pharma said it has not received a formal response to its proposal and has been unsuccessful in its efforts to engage with Elan since making the proposal. Royalty added that it was "surprised by Elan's public announcement on Friday February 22, 2013 discussing Elan's standalone strategy but not addressing the fact that Elan had received Royalty Pharma's Proposal." Royalty Pharma said it believes that "the risks and lack of earnings visibility associated with Elan's acquisition and in-licensing strategy are substantial." Elan shares closed Friday up 31c to $10.60, and are indicated up $1.00 to $11.60 in pre-market trading.