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Royalty Pharma submits formal cash offer for Elan for $11.25 per share

Royalty Pharma has issued an offer document that confirms the offer price of $1B Dutch Auction share repurchase clearing price of $11.25 per Elan Share. Royalty Pharma believes this clearing price validates Royalty Pharma's earlier statement that the Dutch Auction price range was set artificially high.